Backing out of a Purchase Agreement with no contingencies
What happens if a sign a purchase agreement with no contingencies (“forced” to close within 7 days) and can’t buy the house in the end?
Most Popular Reply
"I haven’t even paid the earnest money!"
Well, I guess you could say that without "consideration" a contract was not formed, then see what he does.
Most of these guys will yell and scream, but they are so "no money" they won't hire a lawyer.
If you get nervous, go talk to a lawyer.