The high price of seller's remorse

Back out of deal, face paying buyer compensation

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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.