What do you do if you experience seller’s remorse after making a real estate deal? Can you back out? The answer is dependent on your individual circumstances.
When Can a Seller Terminate a Contract?
There are many reasons why a seller may come to regret their decision after signing a contract to sell their property, such as rethinking the price, finding a more desirable buyer, or simply changing their mind about selling the property at all. However, it can be tricky to back out of a real estate transaction after a contract has already been signed.
There are some situations where a seller can terminate the contract due to specific attenuating circumstances. If you experience any of the following situations as a seller, you have the right to terminate your contract immediately.
Valid Reasons for a Seller to Terminate a Real Estate Contract
- If there is a contingency within the contract that allows the seller to back out
- If the buyer attempts to defraud the seller in any way
- If the buyer breaches the contract in a fundamental way
What if the Seller Does not Have a Valid Reason to Terminate the Contract?
If the seller does not have one of the above valid reasons, they cannot terminate the real estate contract unless the buyer agrees to release them from the contract. In some situations, if the buyer wishes to renegotiate the price following an inspection due to a reappraisal of the home, the seller may be able to easily back out of the transaction. In this case, sellers can often convince the buyer to terminate the contract by refusing to renegotiate the price.
The seller cannot force the buyer to agree to release them from the contract if they are experiencing seller’s remorse. However, with the right legal counsel, a seller may be able to find a contingency within the contract that allows the seller to back out.
Legal Help for Seller’s Remorse
If you are experiencing seller’s remorse after making a real estate deal, hire a trustworthy lawyer who specializes in real estate law. At Hoogbruin & Company, our lawyers have dealt with real estate cases of all kinds and are dedicated to getting clients the best possible result. Schedule a free consultation today, where we will chat with you about the details of your case and determine the best course of action for your particular situation.