DEAR BENNY: We just received an offer on our home. It is a cash buyer with a 30-day closing and seven days for inspections. My wife and I waited until we had a good offer to look for a new home. We now feel like we made a big mistake and would like to get out of our contract. Is this possible? My wife has been ill, and the idea of moving is making her feel worse. --Michael
DEAR MICHAEL: Getting out of a signed legal document is not easy. You have "seller's remorse," but you have a binding contract with your potential buyer.
When a buyer defaults on a real estate contract, the seller generally has three options.