We signed a contract to purchase a new home in May 06 from the builder/agent. We gave the builder $35K in earnest money. The home should be completed in October '06. We are no longer in the position to buy the house and wonder if there is any way to cancel the contract without losing the earnest money. I did contact the builder/agent and was told that if we didn't purchase the home at the COE, for an additional $5K, they would write a letter of credit to be used in a future purchase at the development. This will not be an option for us and we cannot afford to lose the $35,000. The contract provided no contingencies. Thank you.