Seller wanting to back out of Contract because of higher offer

[Kaleb Dodson]

Hello guys,

My team and I just got a great potential rental under contract. This is a new situation for me, since the seller wants to back out within 24 hours of signing the PSA because they got another offer for $5k more than us. We have a breach contingency in place that states they would have to pay us 10% of our agreed purchase price, but aren't sure about this scenario since it's never happened to us. What should we do, and what are our options? 

Thanks! 

[Paul Sandhu]

The seller might not have another buyer.  I hear the same story from RE agents after I make an offer.  They call me back a few days later, say there is another offer, and they ask me for my highest offer.  I retract my offer and tell the RE agent the other party can have it.  I go there in person and get my earnest money back.  2 weeks later they call me back and ask me to make my original offer.  I tell them to eff off.