backing out of a contract of intent to purchase

[lsue]

We signed a contract with an offer to purchase a night club. My accountant Does not think it is worth the money we offered and he said the books are an IRS audit waiting to happen, the contract did NOT have a stipulation that our accountants approval of the books had anything to do with the purchase. We may very well want to re-negotiate the purchase price, the terms of escrow, or even back out all together now--is it too late or is there still a way out?
In Virginia

 

[loku]

Contract to purchase night club

If you signed an offer to purchase a night club, you can revoke your offer at any time before the other party accepts it. If there was an acceptance (if the other party signed an agreement to sell), then the terms of the contract determine your rights and obligations, and you can only get out of the contract if there is a way to do so under its terms or if the contract is not valid.

The contract would not be valid if you could prove that they misrepresented the club to you as an inducement to agree to purchase it.