Have you ever had to go to court for backing out of a contract?

[Mike Schorah]

20% of virtual wholesale deals are cancelled and 5-10% of deals with physical appointments are cancelled.

For instance... If a seller isn't that truthful with you, you dig into exactly needs to be done with the property, you can't negotiate a lower price with the seller, the seller refuses to negotiate, you back out of the contract, the seller refuses to give your earnest money deposit of $100 back and you walk away.

What if it's the end of the world? What if you lose your fortune? What if you lose $100,000? I'm thinking of the worst case scenario if you cancel the contract.

Have you ever been freaked out? Has the seller sued you for $500,000? Have they garnished your wages at your job because you cancelled the contract?

Has a judge, worst case scenario, told you to come to court and said "Can you show me proof within the 30 days that you tried to cancel this contract with the seller?" 

[Lauren Cote]

You should find those answers in the contract you are using for the deal. If there is no verbiage in the contract for your specific scenario, it would be best to consult a lawyer to help you write something like a clause or additional terms.