Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
If the sale is contingent upon your approval for the program, then you can send a written notice to the Buyer/Buyer's agent that you are withdrawing from the transaction because you have not received approval from the program. However, if the sale is not contingent on the approval, then if you try to back out, the Buyer may file a lawsuit to force you to continue with the sale. This lawsuit is called Suit for Specific Performance of the contract that you signed with the Buyer. So, you need to review the contract and see what your rights and responsibilities are.
Kindly give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this.
Thank you for your cooperation.