Backing out of deal last minute

[Mike Neubauer]

Aloha all, 

I'm in escrow on another short term rental here in Maui. I just sold one and was planning to 1031 that into another one that is set to close in another 2 weeks I think. The problem is now my partners and I are feeling we'd be better off pulling out of the STR as we had initially planned to move into another asset class after this purchase. Now it may be a better time to make that jump. I know it sucks for the other property owner, but we're trying to pull out of this thing as the whole situation with the virus has shaken up things quite a bit. Our income has completely stopped and it may be this way for an extended period of time.

Our lender and realtor are saying we might not be able to pull the plug on this as it is so late in the game. Anyone have any advice on this or gone through a situation where you had to pull out of a deal last minute, and if so, how did you accomplish this?  Thank you for your time!

Aloha,
Mike