Lost my job after a signed purchase agreement, need advice.

[Nate Pucel]

So as the title suggests, I signed the purchase agreement a few weeks ago for a potential rental property, then lost my job, but was told hopefully we'll be brought back in the future, but nothing is certain. I feel pretty sure no bank would give me a loan now without a job. And so I reached out to my realtor and told him this and his suggestion was to tell the seeking realtor what's happened and ask to extend the signing date, bc he said just simply backing out at this point would be bad. I don't understand why though as I don't have a job. I'm also a bit hesitant to go through with the deal even if I do get my job back in time given the uncertainty of the economy and that it was already going to put me in a really tight financial situation. Does anyone have any advice? What are the consequences of just backing out at this point bc no bank would give me a loan right now, and wouldn't in time for the contract signing, which it's like a week away? Is my realtor giving me good information or is he just wanting my commission by telling me we should just extend in hopes that I get my job back?

[Matthew Irish-Jones]

@Nate Pucel what contingencies were listed in the contract?  Do you have a financing contingency?  If so, just have your lender provide a letter of declamation so you can get out of the deal. 

Have you already paid a deposit?

Your post is confusing because you say you "signed a purchase agreement", and "no bank would give me a loan right now, and wouldn't in time for contract signing."

Didn't you already sign the contract?  The answer to your question is in your contract.