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if you breach the contract, you will be liable for the damages caused by the breach. If the bank can sell the house, it would be the difference between the price it gets and what you agreed to pay, plus interest, as well as any costs the bank incurred preparing for the closing Also, I would assume that the contract includes an attorneys fees provision making the breaching party responsible for the other's attorneys' fees in litigating the case. If the bank is unable to sell the house, you would be responsible for the entire purchase price, minus the fair market value of the house....
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if you breach the contract, you will be liable for the damages caused by the breach. If the bank can sell the house, it would be the difference...
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