Newsflash: When is the last opportunity you can withdraw from a contract?

Hello there, hopefully I can get advise on this issue. The issue may be too late, which I will just have to accept, but I am seeking advice.I found a home (a foreclosure, owned by the bank), placed a bid, they accepted my offer, then we were originally suppose to close in 30 days. Several issues came up with the seller (the bank) turning on the utilities. They fixed a few small issues just so I could get the utilities on for a home inspection. This took about 5 weeks, extension was added to the closing. Finally utilities get turned on, I get my home inspector and enter the house, find that there are several other issues with the house, mostly with an antiquated heating system and old electrical. Anyway, I place a reduction based on my findings and after several days the bank agrees to my reduction. Title search then started.Since all this has been happening, I have found a better house, within my price range, that will need a lot less work.At this point, I am about a week and a half from closing. Is there a point that is too late to exit out of a contract? Other then the fees I’ve accrued with my attorney, which I am fine and able to pay, are there any other penalties I can expect to receive? How should I address this with my real estate agent? I understand this is business, but I want to smooth things over with him as gently as possible. He was helpful to me, a bit pushy, but I think he will feel he is losing out on a sale now. I am trying to figure out how to go about this in the best way possible, if it is even possible at this point.Otherwise, I just have to accept the choices I made and make the best of it.Thank you for any help.



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