You will likely lose your deposit, which typically ranges from 1% to 10% of the home's sale price.
The seller could sue you for damages or, in rare cases, "specific performance" to force the sale. backing out of buying a home
This allows you to back out if you cannot sell your current home within a specific timeframe. Potential Consequences You will likely lose your deposit, which typically
If the house appraises for less than the purchase price, your lender may refuse to cover the full loan amount. This allows you to renegotiate the price or walk away. You will likely lose your deposit