Originally Posted by tbljason
They only put down $1000 in earnest money, my deposit on my new place was more than that so already I lose. It just seems like I have been damaged by turning down the other offer and possible forfeiture of the deposit that I put down on the new place.
A seller's nightmare come true. I truly sympathize and hope this somehow works out for you in the end.
I was not happy about taking less than 3K as earnest money, but after the buyers begged and pleaded and came up with all kinds of good credit documentation for my agent (plus they knew some of us involved, personally) I reluctantly and nervously went with it and it turned out OK. Had they backed out, I'd have been up the famous creek without a paddle, and out close to 5K.
This situation is a good reason for all sellers to think carefully before accepting very small amounts down as earnest money. The amount should be enough to make the buyer hesitate to lose it, and to partially alleviate the financial losses to the seller due to the deal falling through.