Backing Out Of A Deal, Need Advice!

[Amani Clarke]

Hey guys ! So I got my offer accepted for what would be my first rental property and I intend on renting it out however I decided to back out because I was unaware there was a unfinished basement in the house and that simply wouldn't pass section 8 inspection so I texted the agent backing out of the deal. He never responded back, every time I try calling him he doesn't answer. I signed a purchase and sales agreement already and we're supposed to close July 7th. I just don't want to get sued or blindsided for backing out without signing anything saying that I'm backing out. Any advice on what to do next?

[Joe Norman]

Worst case scenario is you get sued to perform on the contract, but that is highly unlikely. Must realistic worst case scenario is that you loose your EMD and your reputation takes a hit.

If the Realtor is being unresponsive then contact their broker.