Property Under Contract, already have a cash offer from a 3rd party

[Tami Alfaro]

Hi all, we are new here so this is our first post (of many I am sure)

So here's our question:

We currently placed our 3rd property under contract and we already have been approached by a cash buyer to purchase this property from us. If we accept his offer, how do we go about closing since the property isn't technically even ours yet?

I am sure I have worded this question wrong and I apologize if it doesn't make sense. Any words of wisdom or advice are greatly appreciated.