Earnest money and clauses in California
Hello all. Hopefully a quick and easy question- I have a friend selling his home in California (he actually resides out of state). His California-based Redfin agent told him that it's normal to allow a potential buyer 10 to 15 days to back out of a contract without surrendering their earnest money. His house went under contract with the clause that would permit the buyer to change their mind. About 3 days later, as expected, that buyer backed out noting that the house was dated. I thought this was a questionable practice since any buyer with the funds to do so could make several offers on several houses and just wait until they actually got the home that they wanted under contract.
Is this normal practice? Has anyone seen anything like this?
Any guidance would be much appreciated, thank you in advance