buyer backing out of deal

What is the name of your state? Texas

We are suppose to be closing on a house in a few days. We gave $5,000 earnest money down. We qualified for our loan, inspections etc. Do to the recent events (even more spiral down turn of the economy), and due to the fact that my company my be considering bankrupcy. We do not feel comfortable closing the deal and placing our self in a financial bind. We called our relator last week and said we want to cancel the deal. They said sorry, you are stuck with the house. Do we have to close? How can they force us to purchase a home we may not be able to maintain? What are the outs we can use?

[HomeGuru]

[quote]Originally posted by tswest
[b]What is the name of your state? Texas

We are suppose to be closing on a house in a few days. We gave $5,000 earnest money down. We qualified for our loan, inspections etc. Do to the recent events (even more spiral down turn of the economy), and due to the fact that my company my be considering bankrupcy. We do not feel comfortable closing the deal and placing our self in a financial bind. We called our relator last week and said we want to cancel the deal. They said sorry, you are stuck with the house. Do we have to close? How can they force us to purchase a home we may not be able to maintain? What are the outs we can use?

**A: have a real estate attorney review your contract right away.