I see what your saying, however, I'm in a bit of a predicament. I signed a contract on this condo that I was more than willing to go through with. I also had the necessary funds for down payment and loan. The problem is my job will begin laying off a few hundred workers in the next three months. I don't want to take this place and possibly be foreclosed on within a few months of entering the home. I'm not buying this home from a private owner, this is a new place (Brand new) that can be sold for well over the price I was getting for it. I really want the place but I don't want to gamble with foreclosure. It sounds awful but a letter of denial would be a great help. If I don't lose my job great; I love the place. It's just a huge risk now.

First its not a good idea to piggyback your question on someone else's. This can lead to confusion. You should start a new thread. So I've moved your question to its own thread.

Read your contract. See what commitments you made and what provisions are there for cancelling.

Most contracts have some provisions for canceling the contract. Usual reasons is a) financing can not be secured, b) the home does not appraise for the contract amount, or c) the home does not pass the home inspection. You should also be able to cancel the contract at anytime but you will have to forfeit your earnest money if it is not for a reason stated in the contract. Sometimes losing your $1,000 or so earnest money is worth backing out of a bad deal.