When a homeowner accepts an offer from a person to buy a house, the deal is considered pending. At any point before the house closes, either the seller or buyer could back out of the deal. While it is more common for the buyer to back out, there are also times when sellers also back out. If you are selling a house and want to know if you can back out of the deal, here are several things to know about this.
Reasons sellers would back out
Homeowners rarely decide to back out of selling their homes after they accept an offer to sell, primarily because when a person lists his or her home, he or she is usually certain that the point is to sell it. There are times, though, when a seller will feel remorse over the deal and may decide to get out of selling the house. There are also times when people will try to sell their homes due to some type of situation in life, such as a divorce. If a person changes his or her mind about the divorce, the person may also change his or her mind about selling the house.
There are consequences
When a buyer backs out without a valid reason, a seller could keep the earnest money the buyer put down. When a seller backs out, there is no earnest money to keep; however, there could be other consequences. For example, the buyer might be able to sue you for damages. The person trying to buy your house will have lost out on time and effort and money. This person could sue you for these losses.
The only way you could avoid any consequences is if you have a valid reason to back out. For example, if the buyer had the house inspected and wants you to pay for repairs the house needs, you could simply not agree to pay for the repairs. In this case, you would be able to get out of the deal, simply by not agreeing to do what the buyer wants. The buyer in this case would have to also agree not to want to buy your house if you are not willing to compensate him or her for the repairs.
If you have questions about selling your house or backing out of the deal you are in, talk to a real estate agent today.