Q: Are buyers allowed time to back out of the accepted offer without losing the earnest money?
A: The answer depends on the language in the contract. Oftentimes buyers are allowed to cancel a contract if a contingency fails. There are a number of different buyer contingencies that can be found in contracts - financing, appraisal, subject to the sale of the buyer's home, inspection, etc. Also, there might be an attorney's approval provision in the contract which would allow an attorney to cancel a contract. You should contact your real estate attorney to explore your options.
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