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How do I get out of a real estate contract in Tennessee?

Out-of-state buyer (also 100% disabled veteran) entered into contract to purchase Tennessee house. My wife is now having second thoughts regarding purchase due to number of stairs required to enter house and more stairs to be able to move within house (room-to-room). Is it possible to get out of contract without loss of earnest money? Or is it possible to relinquish the earnest money and continue searching for another more suitable home? If we give up earnest money are we still subject to any other liability?
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September 24 2013 - Kingsport
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Answers (3)

Without seeing your contract and knowing where you are in the process it is difficult for any of us to give you advice.  Depending on where you are in the contract process this could be a legal issue.

The sellers position will be you knew how many steps were in the home when you put in the offer.  Not the sellers fault.

If you are not working with an agent you may wish to engage an attorney to assist you.

If you give us more detail as to contingencies, dates, financing, inspections etc we might be able to be a little more helpful.
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September 24 2013
Shannon is correct, you need to read the contract to make sure that your contingencies have been met.  Are you working with a buyer agent?  If you have a buyer agent, seek this/her advice.    Have you conducted the home inspection yet?  Are paying cash or you have a loan...?  Too many questions to say yes or no.  Feel free to call me if you need further assistance I am a USAA certified agent and may be able to offer you more guidance if you do not have an agent, even though I am in NH.  
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September 24 2013
It Depends on the dates in your contract.  There should be a time reference date that all inspections, lender expectations, ect....begin. So the contract should have stipulations.  Look at the contract.  If you are working with a real estate agent than ask them these questions.  If not you could always ask a local agent for some advice. Sorry I'm not aware of the Tennessee real estate information. I hope you can get out of it with your earnest money. 
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September 24 2013
 
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How do I get out of a real estate contract in Tennessee?
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