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?