Newsflash: Help! Just signed an agreement to sell my house and I am having seller’s remorse. What can I do?

[Can]My wife and I listed our house for sale on June 15th, on June 25th we accepted an offer on our house. On June 26th, we put an offer in on another house which was accepted. Today we sat back and looked at everything and feel as though we made a wrong decision. No home inspections or anything have been completed on either side yet, they are both set for Aug 4th. Is there anything we can do to back out of the purchase of the new home as well as the sale of our home? If so, will we face any penalties?



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