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Can I the Buyer back out of a deal

No realtors involved here. I offered to purchase a home in a bit of distress thinking I could fix it and either resell or rent. It has been weeks of nonsense with bank statements an such but the bank is ready to close. I have a friend who does home repairs who was/is going to be my partner on repairs. His work as equity....anyways the city did a POS inspection and I cant close till the repairs are complete. I wanted to assume responsibility. They are minor and on my list anyways. They want money in Escrow, notarized by both parties then issue a certificate of transfer or some such thing. I asked the title co to make this letter and get with the city. Its been 2 wasted weeks, i have no idea when this is getting done and my friend had to take on some other work so he will be much less available. The plan was to be a 30 day window for repairs give or take and now I feel like I am going to end up in a real bad spot if this deal actually closes. I would like to back out, have atated that to the seller who left the state. I never actually met her in person. Of course they are not happy. Oh and btw, nobody involved actually collected the earnest money. Can I get out of this deal? If I just refuse to purchase what can I be on the hook for legally? I was purchasing it for 160k plus 6500 in closing I was assuming. Home appraised at 180k as is. Probably worth 210k min with some work. Just thought Id ad that for context. Looking for advice outside of hiring an attorney I don't have anyone to talk to about this with any real knowledge of such things. Outside of the city pos holding things up if I don't get this done in 30 days I will be paying 2 mortgages until its done or sold.....this is what really has me worried. Am I just being a panickican at this point? Any advise will be greatly appreciated.

submitted by /u/Confident-Sun-4880
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source https://www.reddit.com/r/RealEstate/comments/1mrsici/can_i_the_buyer_back_out_of_a_deal/
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