Contract exit and or expiring?

[Marko Bukva]

Hi good people,

I'm under contract for my first property in Florida since september 2020 !! That's because there was some work without permits on the property and the bank wants that to be rectified by seller before closing. He is in the process of getting the permits. In the meantime market exploded and i have a feeling the seller is not so eager to sell it to me cause he can get a better price now. He's been pretty slow in signing the extension. Since we're under contract my broker told me that he can't sell it to someone else unless i back out. 

Is there a way that he walk away or contract expires if we don't have extension signed??

I don't want to back out if this deal,(its a good deal!) especially since i invested time/flights to FL/inspections..etc 

Any thoughts?

Thanks