Thank you for the information and your question. Assuming that you have a contract that was written properly and the buyer has not failed to meet their burden under the contract, then if you cancel the contract now, you would be considered to be in breach. That means that the buyer has a couple of options. One is to sue for specific performance, meaning they try to get a court to order you to go through with the sale. That doesn't happen too often, but it can. They could, instead, file suit for damages
, which could range from what they lost in applying for loans, inspections, appraisals
, and any other costs directly related to the process of completing the contract. Under both scenarios, they could ask the court to order that you pay their attorney's fees and court costs.
So, as you can see, this is pretty serious. That said, if you have a Realtor that you are working with, you might talk them them about the issue and see if there is some deal you can work out between you and the buyer. However, you have another problem, and that is the Realtor/s. If they brought you a buyer that was reading, willing and able to buy and you breach the contract, they could sue you for their share of the realtor's fees. That can be a pretty sizable amount.
Please let me know if you need any clarification. I would be glad to assist you further if I can.