You can potentially get sued for backing of buying once you have a signed contract. It's rare because the seller will usually just take the earnest money and th

You can potentially get sued for backing of buying once you have a signed contract. It's rare because the seller will usually just take the earnest money and then sell to someone else, but if the housing market really plunges after you signed the contract, then they might want to go through the trouble of suing. Obviously, before you actually have a signed contract or if you have a contingency in your contract, you can back out without a problem.