I am always happy to answer any question you may have – so please ask away!  I will keep your identity secret (unless you specifically give me permission to reveal who you are).

Here’s the first installment of “Ask the Realtor” –

QUESTION: What happens in the following scenario: parties have agreed to a purchase and sale agreement, the inspection contingency has expired (an inspection amendment executed) and the financing contingency has also passed. Now the purchaser wants to break the deal.

ANSWER:  Once the purchase and sale agreement is signed and all contingencies expired (in this case, the due diligence and financing contingencies), no one can “back out” of the contract.

This means if the purchaser fails to close the seller can keep the buyer’s earnest money.  The seller could choose to sue the buyer instead (either for specific performance, which is seldom successful, or for additional damages).  As a practical matter, particularly in a seller’s market like this one (seller’s market meaning that it is a particularly GOOD market for SELLERS) the seller will usually just take the buyer’s earnest money and go sell the property to someone else.

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