After just a few weeks on the market, your Realtor has brought you a terrific offer to purchase your home. The buyers are reasonable and well qualified. After talking to your Realtor, you decide to accept the offer.
After your Realtor leaves, you start thinking about what you have just done and feel terrible. You wonder if you acted too quickly; maybe you should have waited for a better offer. You fear that the buyers will let your garden go to seed and pull down all the beautiful wallpaper you just put up.
The fears are such a common phenomena that they have been given a name, “seller’s remorse.” It is perfectly normal to feel this way, especially if you are selling a home where you have lived for many years and which holds many memories. Relocation is a stressful experience, and “seller’s remorse” is almost always temporary. It is quickly replaced by the excitement of moving into your new home.
Here are some issues that you should know about before you call your Realtor to say that you have changed your mind. Your agreement to sell is legally binding. Therefore it is important that you know the extent of the buyer’s legal recourse against you and the financial consequences. For example, if the buyer asks a court of law to require you to sell the property as you agreed, you will incur the cost of a case in court whether or not you manage to keep the property. The buyer could sue you for damages, including, but not limited to the costs to the buyer of closing the sale. You may also be required to pay the broker’s commission.
Consult your attorney for professional advice about these and other consequences of backing out of the deal before you change your mind.
Ray Perry is the 2013 Realtor of the Year for Lake County and works for CPS Country Air Properties. He can be reached at 277-8000.
