Think this through. I would want to be the Attorney for the Buyer and the Listing Agent!
You can't be forced to sell but in AZ you may be sued for "specific performance" do to breach of contract. You need to seek legal advice from a real estate attorney.
Just wondering why did you sign a contract to purchase if you aren't interested in selling. You might have claim of duress.
That being said, what usually happens in this case is that the seller coughs up some money to make the buyers go away. It could be your earnest money, it could be more. You better hope you have understanding buyers. My guess is that, in the end, you'll lose your earnest money and pay commissions. Maybe it's not worth backing out?
FYI, I am NOT and attorney and this is NOT legal advice!
At minimum, if you have a listing agent, you will probably owe the commission, the buyer should be reimbursed for all their costs such as the appraisal and home inspection.
In my state, a buyer can sue for specific performance, which means that they can tie up a property for as long as it takes to get the suit litigated. Don't wait any longer, if you don't want to sell, you need to be talking to your agent and an attorney.
I did read a article about this very situation and an attorney responded saying a person could be responsible for real estate commissions to the buying and selling agents, reimbursement to the buyer for all out of pocket costs including appraisal, home inspection, lender fees, moving costs, temporary lodging fees. In addition the attorney suggested the buyer could be awarded damages due to a breach of contract.
Obviously, it is important you seek professional legal counsel verses listening to a us talk online.
Licensed Associate Broker
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The contract you signed is a binding document between you and the buyer. It probably spells out what can happen if you back out of the deal. Basically no one can force you to sell if you don't want to. However the buyer may be able to sue you for breach of contract and he may be awarded compensation. I suggest you do the following:
1 - talk with your agent if you are represented. He will be able to advise you on what are your options.
2 - communicate with the buyer immediately. Do not wait until the last minute to let the buyer know you are backing out of the deal. If you explain your reasons you may find a flexible buyer that may let you cancel the deal. Who knows? The buyer may be having second thoughts also.
You may have to pay the real estate commission even if you decide to not sell the property. In Arizona the typical listing agreement signed with a real estate agent requires the agent to find a willing and able buyer. The commission is earned when the buyer is found. In your case it seems that the buyer was found and accepted when you signed the contract accepting his offer. I believe most states have similar clauses in their typical listing agreements.
I hope this helps. Good luck!
Jose Dias, REALTOR
Realty One Scottsdale
You also want to discuss things with your Listing Agent.
And finally, there is a legal term in Arizona known as "specific performance," and it is legal remedy that can be pursued by a buyer. So again, consult with an attorney, and the sooner, the better.
Without reading the purchase contract that you accepted, no one in this public forum will be able to answer your question. The contract may and probably does address this question. If you are using a Seller's Realtor ask them first. They are in the best position to know the contract and your personal situation.
If you are selling by owner you should review the contract you accepted with your attorney.
May I wish you the best.
Arizona Homes and Land