Once you get a contract signed to buy you actually have an option. Some contracts actually have an option period that is spelled out in the contract. You can put a small amount here and get an option for like $50. Some contracts however are not assignable like with bank most REO’s etc. This is the best time to try to sell the property by actually flipping the contract. Once the option period has expired you now still have an option by putting up the earnest money as per the contract. You just have a more expensive option where if you can not resell the property you can still walk away and only lose the earnest money. If you still have not found a buyer after the closing date is approaching you may want to get an extension. This may be free for the asking or you may need to pay more earnest money. If you have not had any good prospects and you feel the deal is marginal at best you may want to back out. If you think it is a super deal but you have only shown it to jerks you do not know a good deal when they see it you may want to pay the extra money. After this and still no buyer you may want to back out or buy it for a keeper or still to resell. You have several options with a great deal and should be able to turn some good profit before you actually close the sale.