We the Seller want to cancel sale

[Looking4anout]

What is the name of your state (only U.S. law)? Washington State
We are a couple days from signing and the house we were to buy we no longer want as it failed an inspection and our agent did not explain the P & S addendums clearly to us on that house(a very long story), we need to stop the sale of our house as we have thrown in the towel and want to stay. The buyer of our house has fullfiled their contingencies. What if we do not show up for signing and make the closing date expire?
What realistically could they win money wise from us if they sue for damages and performance? How long would that process take for the suit to happen?
What if we do not complete the repairs as asked prior to closing?
We know the buyers of our house are buying it as a second house so would not be putting them out of a place to live.
Thanks for the help.

 

[Mass_Shyster]

You really need to bring your contract to a lawyer to see if you can cancel, how you can do it, and what is involved.

I can't tell you what will happen if you don't do the repairs as agreed, because I haven't read the agreement.

 

[nextwife]

Was there anything at all put into your sale contract that made your obligation to close subject to any aspect of your other home purchase? Normally, the sale of one piece of real estate is unrelated to the sellers' purchase of other real estate, UNLESS they so designate in their contract, and so advise their buyer up front. If I were choosing to buy one property, and putting money into inspections, loan aps, maybe passing up another property I liked nearly as well, I would not be agreeable to my purchase being contingent on a specific property unrelated to my purchase unless it was agreed up front.

 

[swrdmbo]

Why wait for them to sue you for sniveling out on the deal? Since this would be a second home for them and as such not as big a problem as if they needed to move, why not offer to give them back their earnest money, any money they may have paid for inspections, loan fees (appraisal etc) and then GENEROUSLY offer them an additional amount to just release you from the sale?

Why make them sue you for failure to perform when you can do the right thing and reimburse them for their losses?