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Buyers remorse, baby remorse, wedding remorse.....all the same. Second-guessing your decisions promulgated by well-meaning, large-mouthed relatives who like to tell you all their horror stories about what happened to them when they "bought a house, sold a house, had a baby (their labor is always longer than yours even if you had a week's worth), planned a wedding, got a divorce......people should stop having an opinion when no one asked them for it.
Depends on your contract. The standard form contract that is most often used in Texas, for example, would allow your seller to sue you if you terminated outside the option period, even if you let them have the earnest money. The reality is, though, that sellers almost never sue for something like that. But you never know.
If you have an option period during which you can inspect the house and terminate if you are dissatisfied with the house, then no need to even let them keep the earnest money. That's what an option period is for, to provide you a period of time to make sure that you do actually want the house. The seller signed the contract knowing a termination during the option period was a possibility (assuming the contract provides for an option period), so there is no need to feel like you are being unfair to the seller.
You need to read the contract to know your rights.
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