legal question - buyer back out from a signed contract?
We are the buyer and this is a very hot market in the SF bay area. We already made offers many times and were not accepted. Our agent suggests we could make multiple offers simultaneously to increase our chance. So we follow her suggestion, made multiple offers to some properties we like and suddenly 2 of the sellers accepted our offer in the same day. we are now bound with 2 contracts. We like property A more so we withdraw our contract from property B.
Our contract includes a two-day contingency to review HOA documents (the only contingency we put in our offer) so our agent think we could legally cancel the contract without any penalty. But the selling agent of property B was very upset (obviously our offering price is much higher than other offers) and left a message saying he and his client intend to sue us for breaching the contract.
So my question, is it illegal to make multiple offer simultaneously? since we got a contingency in our contract, is there any standpoint for the seller to sue us?
Any comment would be appreciated!