Everyone involved in a real estate deal, from the buyer to the seller and their agents, wants the transaction to go well. Unfortunately, that is not always the case. For a seller, one of the worst nightmares they can experience is realizing they want to back out of the deal but not being able to do so.
The best way to prevent this from happening is to work with a real estate professional. Keep reading to find out how we can help, and then contact Berkshire Hathaway HomeServices at (310) 373-0021 if you need help selling your home.
A Real Estate Contract is a Legally Binding Contract
It is all too common for a person selling a home to not realize just how legally binding their real estate contract is. While most of these contracts do have out-clauses, they are generally designed for the buyer – not the seller. This is because it is generally the buyer who might discover things they did not know about the property, while the seller comes into the transaction with more knowledge.
If a seller decides to back out of a real estate contract, they could be facing huge legal fees, a lengthy court case, and even being forced to move out of the home, they do not want to sell. As you can see, when a seller realizes how hard it can be to back out of a contract, it can be a true nightmare.
Sometimes Sellers Want to Back Out Because They Got a Higher Offer
One of the most common reasons that a seller wants to back out is that someone comes out of nowhere and offered more for the home. This can happen if a seller accepts a low offer or if they sell the home before its appraisal. The good news is that if a seller is working with an experienced real estate professional, we can advise them when to accept an offer and when it’s wiser to wait a few days.
Sellers Might Have a Change in Circumstances
The second most common reason that sellers want to back out of real estate transactions is that their situation has changed. This could include a job falling through, a home they were supposed to buy no longer being available, or any number of things. It might be that the seller thought they would find a replacement home quickly, only to realize they have nowhere to go as the closing period advances.
Again, these are things that a real estate professional can help with. We can include contingencies in a contract that the timing of the closing is dependent on various factors. In our many years in Southern California real estate, we have seen it all and know how to protect our clients. Call Berkshire Hathaway HomeServices now at (310) 373-0021 to learn more.