Thinking about canceling a contract in Houston

[Ben Lin]

In contract for a duplex but thinking about cancelling the contract as agent over estimated the rental income and the market is slowing. Was under pressure to find a replacement property. Should’ve used lower number for rental income but it’s so difficult to find accurate data in Houston. What happens if I cancel the contract several days before closing? Do I automatically lose the ED and is there a possibly of getting sued? First time buying in TX. I may have to pay capital gain from previous sale if I cancel the contract. I

Anyone with canceling contract in TX experience? 

[Eliott Elias]

I would try to save the deal, now more than ever it's easier to get price drops for everything you have under contract. Lenders are tightening up, rates going up, deals are popping up and inventory is increasing. Extend closing FIRST AND FOREMOST and give yourself enough time to save the deal and negotiate the price drop