image courtesy of TMZ.com
Buyers! Listen up! You can get sued for withdrawing an offer. Be sure your Realtor structures your offer with contingency periods to finalize your loan, appraisal and inspections. If you back out before the period ends, you can get most, if not all, of your deposit back. If you back out after the period ends, your deposit may be in jeopardy. To protect your deposit, you best withdraw before contingency period ends or negotiate an extension.
Jerry Rice is taking his buyers to court because they backed out of a deal last minute to purchase his $11,000,000 mansion in fancy shmancy Atherton (ranked 2nd most expensive zip code in 2010 by Forbes & home to many disgustingly rich peeps, like Meg Whitman. I was at a party there a few months ago. Girl, I felt so ghetto!). Buyers stand to lose their earnest money deposit of $330,000 (3% of $11M). Ouch!
Jerry Rice is taking his buyers to court because they backed out of a deal last minute to purchase his $11,000,000 mansion in fancy shmancy Atherton (ranked 2nd most expensive zip code in 2010 by Forbes & home to many disgustingly rich peeps, like Meg Whitman. I was at a party there a few months ago. Girl, I felt so ghetto!). Buyers stand to lose their earnest money deposit of $330,000 (3% of $11M). Ouch!
