Tips & Trends for the Flagstaff Real Estate Market:
Past Articles [May 2003]
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Backing Out of the Sale
Seller's remorse isn't as common as buyer's remorse, but it does happen. Perhaps you found a buyer willing to give you everything you asked for in the sale and the closing process is in motion. Suddenly you’re overcome with the prospects of finding another home and actually moving. Can you back out of the sale? Will there be consequences; repercussions?
Despite what you may assume, you don't have to accept an offer, even if it's for exactly what you said you wanted. If your house is listed with a real estate broker you may have to pay the commission on the canceled transaction, because a 'ready, willing, able buyer' was found at your request.
The potential legal repercussions depend on the manner in which the purchase and sales agreement was set down. In a worst-case scenario, you could be sued by a buyer for backing out of the sale. You could be required to pay legal costs.
One of the most recommended cures for buyer's remorse is for the buyer to go back and recall just why he or she bought the property in the first place. The same goes for seller's remorse. Remember the reason for your decision to sell. Another way to get over seller's remorse quickly is to investigate the possible legal ramifications from the buyer.
Certainly there are legitimate reasons to back out of a sale. But in the long run, it's best to review the original reasons for listing your property, weighing all the positive aspects of your impending move, and get on with house-hunting for yourself.
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