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Reply to "Buyer backing out of no contingency contract"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Agent again. I was afraid that what you stated as a conclusion is true: Contracts do mean nothing. It's complete bullshit.[/quote] No, contracts do mean something, but not everything. The sellers did get $2K--as stated in the contract. If contracts meant nothing, the sellers would have gotten nothing. In this case, the agent f-ed up and should have demanded a higher earnest. And if the agent told you that $2K in the DC metro area is standard, your agent is lying. In hot markets (we live in CC DC), it's not unheard of to hear of 10% EMDs on homes that are up for bidding wars. These are homes in the $750K+ range, so EMDs are upwards of $70K. Now, that is some serious change that buyers will NOT walk away from. OP might consider a new realtor.[/quote] I know it's necessary in some markets, but I could never put that kind of money down. Unanticipated things can happen, that could financially cripple some people.[/quote]
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