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What to Do If the Seller Backs Out of a Home Sale Contract
You’re ready to make the move and begin your life in your new home, but what if the seller gets cold feet?
While sellers do sometimes get cold feet when selling their home, a little trepidation on their part doesn’t mean they’ll back out of the deal. But, if you do find yourself with a seller who is set on not following through with your contract for the sale of the house, you have some remedies.
Contact an attorney. If you don’t already have a real estate attorney, you may want to reach out to one now to see how they recommend proceeding.
It’s a contract. Contracts are legally binding. Unless there was a clause in the purchase agreement allowing them to back out, your contract offers you some protection.
Discover why. If you can, find out why their toes are feeling the chill. Homes can feel like part of the family so there may be an emotional aspect to their indecision. There also may be a legal reason; perhaps they can’t establish title or they acted independently when other parties are involved. Is it something that can be overcome or not?
If all goes well and you’ve leapt over this hurdle, then it’s time to contact your agent and make sure you have adequate homeowners coverage.
Related Topics: At Home , Owning A Home , Selling Your Home