Princeton Town Topics – Let’s Talk Real Estate – February 27, 2013
HAVE NO REGRETS
The papers are signed and you’re just about to hand over the keys to the new owner when you’re suddenly gripped with an overpowering sense of loss and realize that you don’t want to leave your beloved home after all.
Before you call your REALTOR® to cancel the deal, first know that “seller’s remorse” is a common malady that strikes many home sellers that usually passes over time.
Cancelling a sale can have several unpleasant consequences, because your agreement to sell is legally binding. Therefore, it’s important to know the extent of the buyer’s legal recourse against you. For example, if the buyer asks a court of law to require you to sell the property, you will incur the costs of a court case, whether or not you keep the property. The buyer could sue you for damages and the buyer’s costs of closing the sale. You may also be required to pay the broker’s commission.
Before you cancel the sale, talk to your REALTOR about the possible consequences.
