When we bought our house it was listed via MLS. I had an MLS agent representing me, responsible for MY interests, not the seller's.
Our purchase offer was contingent upon an inspection, and there was a dollar amount set, I think it was $1500. If upon inspection the cost of needed repairs was less than that, seller was obligated to repair, and we were obligated to buy. "Cosmetic" issues were not included in the inspection contingency. The inspector found a few things (missed a few things as well), seller made and paid for repairs, and sale went through.
If the cost of repairs was going to be more than $1500, seller had the right to back out.
The question has been asked, what if the buyer just got cold feet and wanted out, not based on any inspection finding, just got scared. That gets dicey. I have seen that go different ways. A lot depends upon who holds the money, and who wants to be held up with a potential law suit. The parties can agree on some sort of restitution for the inconvenience to the seller, or absent that, someone can get sued. Of course, who will win depends largely upon the language of the contract, and that is why, unless you are very savvy yourself, you should have a professional helping you.
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