Wants out of Purchase Agreement

What is the name of your state? Illinois

My wife and I rushed into an agreement to buy a property, and now we want out of it. We were under the impression that we would lose $500 in earnest money that we had committed earlier if we backed out of the offer, but we did not think there would be further consequence. Our broker (the buying broker who works in the same office as the selling broker) tells us that $500 we paid earlier was only to make the agreement "legally binding," and that we may lose the $500 in addition to other civil damages if the seller chooses to sue us.

If it is true that the seller can sue us, what kind of damages can the seller expect to win? Otherwise, how do we get out of this agreement without losing an arm and a leg?

[HomeGuru]

[quote]Originally posted by intreverend
[b]What is the name of your state? Illinois

My wife and I rushed into an agreement to buy a property, and now we want out of it. We were under the impression that we would lose $500 in earnest money that we had committed earlier if we backed out of the offer, but we did not think there would be further consequence. Our broker (the buying broker who works in the same office as the selling broker) tells us that $500 we paid earlier was only to make the agreement "legally binding," and that we may lose the $500 in addition to other civil damages if the seller chooses to sue us.

If it is true that the seller can sue us, what kind of damages can the seller expect to win? Otherwise, how do we get out of this agreement without losing an arm and a leg?

**A: are there any contingencies in your contract such as home inspection, financing etc.? And did the agent explain and have you sign an agreement agreeing to dual agency?