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. 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...