Normally, you cannot be forced to purchase a home you placed under contract. However, just like much of life, you may not like the consequences.
The Texas promulgated residential real estate contracts have many provisions that allow a buyer to get out of the contract with relatively few consequences. But remember that the seller has taken the home off the market based on your contractual obligation to them. It is not a casual promise to them and it could have legal ramifications if not handled properly.
Be sure you have a buyers agent representing you to help give you peace of mind!
Our contracts allow for a few ways to stop going through with the purchase. It is rare that someone changes their mind and decides to abandon the agreement. But here are a few ways a buyer can do it:
Option Period (The Easiest Way!): Most buyers take advantage of the Option Period in the Texas contracts. It is during this negotiated period of time that buyers get the home inspected and any other due diligence they feel is needed. During this time period, a buyer can ask the seller for repairs and back out of the contract if the seller does not agree. It is extremely important that you watch the dates on the contract to retain your rights. During this period, you can back out of the contract for any reason.
If the appraisal does not meet the requirements of the lender, as a buyer you can be released of your obligation. You can also be released if you are unable to obtain financing as outlined in the 3rd Party Finance Addendum.
Forfeit earnest money plus all the fees paid for inspections, loan application fees, etc.