Backing out of deal....lawsuit threat - Posted by Greg

Posted by Greg on April 18, 2002 at 22:01:51:

I recently made an offer on a house, after going back and forth over several issues I decided to back out. I did however sign the contract first. They are now threatening to sue me for the full amount of the house…less than $40,000. Should I proceed with the purchase or is this a legitimate threat. We’ve only had a good contract for less than a week.