Even in a rising market meaning the sellers could get more for the home if they re-list, if the buyers were in breach of the contract then the sellers would still be entitled to keep the deposit as no actual damages/losses are required.bobbings wrote: ↑ Each case is different for sure. If the buyers back out and if you think the value is going to drop due to the market being bad, you'd list it asap and sell it to see what the variance is from the first buyer's purchase price. From there, you can gauge if it's really worth the time and effort to sue and fight for the difference.
$100K sounds excessive but that's just the case that was posted here. I have no experience going through something similar so nothing to base it off of personally.
In a seller's market right now in the GTA, it might even benefit the sellers to relist because the values may have gone up slightly from when it was initially sold.
Of course to to actually sue for just the deposit amount, is probably not worth it in most cases. Only if there was a smoking gun where sellers had proof the buyers acted in bad faith on one of their conditions.
Also I believe when suing someone you can include your legal fees in the amount, but of course will only get if you win.