Legal Question in Real Estate Law in Illinois

Yes, that is a possibility. You should hire a real estate attorney to review your purchase agreement and advise you.

If you are the purchaser, as it sounds, most likely you stand the risk of forfeiting your earnest money, but the risk of being sued is also there. Have your closing attorney review the contract and the circumstances. The more immediately you act, the more likelihood that something can be done for you (particularly if the contract was just signed within the last few days). If you are the seller, then there is even more of a likelihood that you would be sued. Again, contact your attorney.