A seller can attempt to cancel the contract. Should you not agree seek legal counsel. A court ruling could force the sale since you have a binding contract. At the very least you should be reimbursed all your expenses. If the seller cancels the transaction because you failed to perform, and you were notified as such, then the seller is entirely within their right to cancel. You may forfeit your initial deposit and any buying expenses you have incurred. Talk to your real estate representative concerning failure to perform.
Posted in: FAQ for Buyers