Buyer cancelling contract after removing contingencies on primary home

[Gary B.]

Hi Fellow investors, I have removed contingencies from the primary home i am planning to buy. But with the current trends in market and banking sector under distress I am seriously thinking of canceling my contract. 

What would me my exposure to losses here ? I have given 3% earnest deposit.

thanks, Gary 

[Chris Seveney]

@Gary B.

Why do you think the banking sector is in distress. Most banks are flush with cash and very solvent. Because one bank was mismanaged does not mean the entire sector is at risk. I don’t see how this impacts getting a mortgage at all.