Whether or not you can back out of the purchase contract of the home you are writing about without the loss of your $3,000 earnest money depends upon what the purchase agreement states. As such you need to carefully read its terms to see if you have waived all contingencies (loan, inspection and the like). If so, you can back out but may lose your deposit money.In order to get your question completely answered, you need to consult with a real estate attorney and have him or her read the purchase agreement and discuss the situation with you.