Backing Out of an Assignment Deal – Advice?

[Mike Romano]

Hey everyone, I'm looking for some insight. I have an assignment deal that I'm considering backing out of before closing.( I'm the end buyer) The title company already has my $5K EMD. I just found out the property is in a Zone A flood area, which means lower property values and a longer selling timeline.

At this point, I’d rather take the $5K loss than deal with the potential headaches. Has anyone been in a similar situation? How did you handle it? Appreciate any advice!