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As a seller, you have fewer opportunities to cancel a contract than a buyer. The consequences of breaking the contract can also be more severe. You should immediately seek professional assistance. " These are relatively rare. However, some contracts include clauses that stipulate that the seller can escape from her contract if she manages to find a buyer willing to pay more for the property. Such clauses are only valid for a period of time specified in the contract. This clause will only, however, allow you to replace one buyer with another. If you have changed your mind about selling the property, this clause might not be the escape route you need. Often the contract stipulates that the buyer is supposed to fulfill a contingency by a specific date. You can use this to your advantage. If, for example, the buyer fails to get financing within a particular time span, you can use this as justification to void the contract. In order to successfully employ this strategy, you'll need to request that the buyer prove that there's a loan commitment in place. If the buyer has defaulted on this contingency, then the seller can demand a default and termination of the contract. If the contingency has passed already, the buyer will not be able to use it to rescind and get the earnest money back. The seller can demand a two day waiver of financing once the contingency has passed and demand a rescission if the buyer will not waive it. A buyer can still buy the property though if they waive the financing. They may have someone give them cash to purchase it. A seller can only demand a rescission when the buyer is in default of the contract terms. If none of the aforementioned strategies are available to you, you will need to offer a financial settlement. The buyer has the full legal right to sue you, forcing you to sell the house and pay damages. However, depending on her disposition, she might not be inclined to engage in the necessary legal battle. You will need to offer a settlement large enough to dissuade her from following such a course of action. In these cases, the buyer has good standing to sue for "specific performance," which would compel you to proceed with the sale. However, such cases often take years and are extremely expensive. Most buyers would prefer to take a payout. You will need to negotiate over a specific sum.
Consult your attorney and real estate agent. Review the contract for a "kick-out clause. Be attentive to buyer failures. Be prepared to pay.