Questions about Purchase & Sale Assignment Contracts

[Ryan Adams]

Hey everyone. I've decided that I want to get into wholesaling until I can build up enough money to start buying and flipping. I'm doing my homework before I actually attempt to find sellers/buyers so that I know what to do and don't make myself look foolish and to make sure I don't get in any legal trouble. That being said, I have a question.

I understand that when you find a seller you have to fill out a Purchase & Sale Contract and within that contract is where you state when you'll have the home sold to a buyer. So what happens if you aren't able to sell the home within the alotted time frame? 

Is there a way to "back-out" of the contract or are you just up a creek without a paddle?

That's my biggest fear because I don't have the funds to buy a house if that happens. Can someone educate me on this??