This clause allows parties to back out of a contract due to "Acts of God" or by events that are outside the control of either party (flood, tornado, war, etc.) - consult your attorney to see if this applies in your case.Unless there's a valid contractual reason for backing out, your deposits are at risk. 

In general I agree with the consensus that it's still too early to definitively understand or predict what the buying opportunities will be as these events play out. 

In the event that I nor my renters have jobs I can still pay all my bills for more than 6 months with my HELOC.

But yeah, this is going to be a long term event so maybe good to hold out for a bit :)  

Or you can directly meet them by registering to real estate events around you: https://www.biggerpockets.com/forums/521-events-and-happenings6.

@Frank Cardenas Jr I may help with a fix and flip loan in the event that the house will be considered an investment property.

In the event that someone has fallen on hard times, be sure and work with them through the situation. 3) I definitely think you should keep your eyes open for deals.

I am pretty scared with the recent events happening in the world.

This is as opposed to walking in to a big conventional bank like B of A and asking for a loan, or from a local Ohio portfolio lender that will hold my debt and not sell it on the secondary market.  

The rate that the Fed cuts is the Target Rate which primarily dictates liquidity between banks as opposed to mortgage rates.