3 Top Reasons Why Sellers Sue Buyers for Backing Out of Home Sales

It’s a thrilling experience to have your offer accepted by a seller. You’ve won your dream home, and you can’t help but get swept away in plans for your new abode. But for some buyers, that excitement can quickly turn to anxiety when it comes time to sign the purchase contract. What if you want — or need — to back out of the deal? Will you lose your deposit? Or worse, can the seller sue you as the buyer for backing out of the deal? Once you and the seller sign the purchase agreement, things start to get real. You now have skin in the game in the form of your earnest money deposit, plus you have a legal duty to buy the home (barring certain circumstances). Achieve Greater Buyer Confidence With a Top Agent HomeLight can connect you with the most experienced buyer’s agents in your home shopping area. These top professionals can help you make the best buying decisions and protect your interests. We talked to veteran real estate agent Laura Wallace, who’s worked with 80% more single-family homes than the average agent in Memphis, Tennessee; she walked us through the ins and outs of what happens when a buyer backs out of a contract. Here’s what you need to know. Can a seller sue a buyer ...