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Real Estate
Reply to "Buyer backing out of no contingency contract"
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[quote=Anonymous]If they back out, you will at least likely get the earnest money deposit. It is unfortunate that you chose an offer with such a small earnest. Your realtor should have told you to choose one with a higher earnest. S/he should have known that waiving all contingencies means little if the earnest is so small. FWIW, we put an earnest of 8% on a house we knew was going to be a bid situation. Even though other offers (including an all cash offer from a developer) were in other ways more attractive, the sellers wisely chose our offer because they knew we were highly unlikely to back out, and they needed to sell.[/quote]
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