Posted by ScottE on March 05, 2000 at 11:55:52:
The answer is yes the seller can sue you. What you can do is put in your contract that your deposit is considered liquidated damages so that it MAY limit your liability.
You need to have a plan, an exit strategy in mind and that is implementable. Have cash buyers lined up, have access to hard money, etc. It’s really not ‘a plan’ to waste the seller’s sometimes precious time (as in a pending foreclosure).
Second item- you mentioned “That way, Realtors won’t tear my contract apart”. What does a Realtor have to do with any part of this? Does the seller have a listing agreement with a Realtor?