Considering Backing Out of Deal I'm In - Get Escrow Back?

[Eric H.]

I signed a purchase agreement for a property about a month ago and am feeling a little uneasy about continuing with the purchase in this environment.  I just heard from my employer that they may start laying us off in the next month or so if things don't improve.  I also have not received rent from my tenants in my other rental and don't know if they will be able to pay in the near future.

I kind of feel like I should hold on to cash for now until things improve.

On the purchase agreement it says closing will take place on or before April 11th which won't happen so can I back out of the agreement after April 11th and get my escrow money back?