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What happens to me if I do not end up signing mortgage documents at closing in Texas?

I am undecided if I want to move...call it "cold feet" if you will. I close tomorrow on a new home and I am unsure it is what I want to do , afterall. Will there be legal consequences?

Public Comments

1. no problem, but you will lose your earnest money deposit.
2. The seller has the right to sue for "specific performance". What this means is he can sue to make you close, or to pay him for what he's losing due to you backing out. I've yet to see a seller do this. Usually though, the buyer's remorse/back out happens well before the day of closing. But usually what they'll do is just keep your earnest money. He may present you with an offer for how much compensation he wants from you for him not to sue. This is REALLY late to be backing out....
3. It doesn't matter how late it is. Read your contract. Figure out what you are undecided about. Is it the price, terms of the loan, or what? New home...what is the builder's reputation? You *should* have the HUD at least by now. If there are charges on there that you don't like, you don't have to sign. READ YOUR MORTGAGE. If the mortgage broker promised one thing, and the mortgage says ANYTHING different, walk without a care. Check points, pre-pay penalty, interest rate, PMI, and all the rest of the terms....even if you are estatic about buying the property.
4. unfortunately, you loose all the money you have invested in this purchase.. earnest money, inspections, loans.. etc. and you're also liable to a lawsuit from the sellers and/or realtor in this case... because they did their job and they expect to get paid. its very normal to have cold feet before your closing! just relax, this isnt the time to think of backing out... its time for you to feel you are accomplishing a goal. If anything! the market in texas is E X C E L L E N T! buy it, and sell it later, make some money off it! But, If the stress is REALLY getting to you, well then really think it over!