I was going to buy a home for 100,000. I decided that I did not want the home and understand that I would be under default because I did sign the contract. The earnest money was paid, 500. The contract states:

If the Purchaser shall default under this contract, the Seller shall have the option of suing for damages or rescinding this contract. In the event the contract is rescinded, one-half of the earnest money shall then be paid to the Broker(s), not to exceed the commission due such Broker, and the remaining balance of earnest money shall be paid to the Seller.

Does anyone know how much I could possibly lose, or the chances she would sue instead of just taking the earnest money etc.. Any info I would appreciate