You’ve probably heard the term “buyer’s remorse”. It describes the regret a buyer may feel after making a significant purchase like a new home. However, this kind of distress doesn’t only happen to people in the buying position. Sellers can experience such unhappiness, too.
In fact, homeowners feel sorry after selling their property more often than you might think. Having spoken with many Breckenridge Realtors over the years, I can tell you it’s quite natural, especially if you’ve lived in one place for many years. Seeing your beloved home taken over by a new family can be extremely painful, even if you thought long and hard about the sale beforehand.
While the feelings are understandable, though, backing out of a contract is no easy thing. When you sign this document, you’re showing clear intent to sell and you’ve also put yourself in a legally binding position.
Before you start to panic, I’d like to review a few of the options available should you find yourself in this position. This blog is designed to give you some reasonable ways to face these circumstances and address common FAQs so that you can make the most informed decision going forward.
List the Pros and Cons
You may be convinced that you made a huge mistake by selling. Still, it’s good to take a step back and create a list of the pros and cons you might have considered before listing your Breckenridge home for sale in the first place. Believe it or not, people who reexamine their original motivators frequently discover that selling was the right choice. Factoring in life changes and other circumstances, you may find that it’s actually best to leave the signed contract alone after all.
Consider the Consequences
Although nobody can physically force you to go through with the sale, there can be a legal and financial cost. An enraged buyer, who had to jump through hoops to purchase your home and, perhaps had to move more than once before finding the right Breckenridge real estate for their family might not be so sympathetic about your change of heart.
Remember, a signed contract is legally binding. This means that the buyer could potentially take you to court and ask a judge for the following costs:
- Temporary Housing Costs
- Lost Deposits
- Storage Fees
- Inspection and Survey Costs
If you decide to cancel the contract, a court could award these damages to the buyer. Therefore, think it through before pulling out of the deal.
Another option is to negotiate with the buyer so that you can avoid the possibility of a lawsuit. There might be a way to settle with the new buyers of your home without having to involve the courts.
Familiarize Yourself With the Contract
If you haven’t gone through the contract in detail yet, now would be the perfect time. There could be a way to wiggle out of the sale and not create a disaster in the process.
Stipulations like your right to find adequate housing before this sale is finalized might be part of the contract. The thing to keep in mind, though, is that these exceptions have to be written clearly into the contract for you to make this kind of a claim.
Think of the Other People Involved
Nobody will fault for your having an emotional connection to your home. Yet you should think of the other people who are affected by this sale, if you do decide to cancel.
When you put yourself in their shoes, it’s a good idea to be considerate and make sure everyone involved gets compensated in some way. That’s how you’d expect to be treated if you were on the other side of the table. Being civil and straightforward about your change of heart will help take the sting out of the situation for you and the buyers as well.
Want More Info?
Backing out of a sale can be very complicated. If you would like a professional opinion on the buying and selling process no matter what the circusmtances, feel free to give me a call. I’d be glad to help you buy or sell a home in the Breckenridge real estate market.
If you’re curious what is on the market, you’re always welcome to look through the updated listings on my website any time. When you’re ready to discuss your options or prepare for showings, contact me at any time via email ([email protected]) or on my office line. I look forward to working with you!
*Note: the contents of this article should not be taken as legal advice. If you are involved in a contract dispute, please consult a qualified attorney