The high price of seller’s remorse

Back out of deal, face paying buyer compensation

The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017

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. He can (1) keep the earnest money deposit, (2) sue the buyer for damages, or (3) sue for specific performance. When I represent buyers, I generally limit their liability -- their exposure -- to the loss of the deposit.When I represent sellers, I urge them to get a large deposit just in case the buyer defaults. Litigation is always time-consuming, expensiv...