From what I’ve read, we would lose the deposit. A lawsuit is technically possible but seems like it is very rare. I don’t think we will back out any way. In some ways it was terrible timing because the sale price was already agreed to before this whole virus thing got big. We had already negotiated it down somewhat though.
My wife absolutely does not want to back out because she loves the house. I do too. Maybe prices will fall but I’ve also heard that once the virus is over, prices might shoot back up due to all the people waiting who suddenly come back at the same time. It does have me feeling a bit nervous that the value will drop immediately after buying it.
Another thing is that we also own another smaller house in the Milk District where we live now. I was debating whether to rent it or sell it but I do not feel like selling it during this time with prices going down potentially. I would rather just hold onto it and wait things out. I’ll try to rent it if possible.