Home Selling in Campbell>Question Details

Sellers Remo…, Both Buyer and Seller in

I signed an offer to sell my house and now I am having sellers remorse. Is there any way I can back out of the deal without penalty?

Asked by Sellers Remorse, Thu Feb 21, 2013

I put a rental home I have on the market. I had 7 offers within 4 days of listing and I finally agreed to one and signed. Two days ago, my husband and I decided that we were going our separate ways. This came as a surprise to me, had I known, I would not have put that home up for sale. I am in contract, but I don't want to sell it anymore, as I will probably need to move in to it. Is there any way for me to get out of the sale without being sued?

Help the community by answering this question:

Answers

21
You may find it difficult backing out at this stage without consequences.I agree that every human has capacity to sympathize and you may try explaining your challenges to the buyer.You never know,they might let you stop the process.

All the best.
Web Reference: http://www.realtypin.com
1 vote Thank Flag Link Mon Feb 25, 2013
Hi, and thanks for your question.

Sadly, once you signed the acceptance with your now Ex.;
you cant back out. The issue comes up is that even if you dont want to
but your husband does want to, the point is mute. It will take a year or two to
settle the divorce. The best is to get a good attorney who can get you more
on the Proceeds. All else is a waste of time and paper, and money.

Good luck.

Perry

http://www.ruthandperry.com
0 votes Thank Flag Link Tue Dec 16, 2014
Before admitting seller's remorse, you should test out whether you can get the buyer to have buyer's remorse. That way you won't have to forfeit anything. I represented a seller and was able to get the BUYER to back out. You just need an agent who knows how to use some psychology.
0 votes Thank Flag Link Fri Nov 28, 2014
You need to talk to your agent. Now is no time to try and keep secrets. If you'd prefer you can always take the sales contract and the listing agreement to a RE attorney, but I'd do it quickly.
0 votes Thank Flag Link Wed May 7, 2014
I signed a orrer to sell my house is there anyway I can get out of this without a law suit
0 votes Thank Flag Link Wed May 7, 2014
We have investors who will allow you to stay in your home and rent it back as part of the sale transaction. He's looking to purchase in High-End homes and he can purchase cash.
Contact us if this might be an option for you.
0 votes Thank Flag Link Fri Mar 1, 2013
I'm sorry to hear you've run into challenges.

If your rental home is community property, you may want to sell it rather than living in it. Dividing money is easier than dividing a house.

If your rental property is your separate property there could be some pretty compelling reasons to keep it. You need to talk to your divorce attorney if one is involved.

The penalty for breach of contract is normally awarded because the buyer suffered losses due to you not fulfilling your obligations. Acting quickly may help minimize the costs. Talk to your agent and your agent's broker. Probably you will need to talk to an attorney specializing in local real estate also.

Many large respected real estate firms are reluctant to penalize their clients because they don't carry through. The buyers agent and broker may have less desire to co-operate. The buyers themselves may be even more difficult or they may not want to cause more problems and loss of their own time.

Remember, with real estate what is written is what is upheld. Verbal agreements have little value.

Campbell real estate statistics and information at http://julianalee.com/campbell/campbell-statistics.htm

Good luck,

Juliana Lee
Cell 650-857-1000
homes@julianalee.com

Top 3 agent nationwide at Keller Williams Realty
Over 30 years experience
Over 1,000 home sales completed in Santa Clara and San Mateo Counties
.
Web Reference: http://julianalee.com
0 votes Thank Flag Link Sun Feb 24, 2013
It's difficult to say how the parties involved will receive this information. You do have extenuating circumstances but you also have an executed and binding contract. You best source for good information in your case is likely via an attorney. This service will also cost you.

You have a contractual obligation to the buyer and the agents involved in the transactions....thus, you would likely need releases from the agreement from the buyer, the listing agent and their broker, and the selling agent and their broker.

This is a most unfortunate turn of events. One can only hope that those involved will accept this for what it is and give you a break.

Good luck,

Bill
0 votes Thank Flag Link Sat Feb 23, 2013
I agree with Judi, the best course of action is to speak with Real Estate Attorney.

Good luck

Steve Colvin
Premier Ca Realty
0 votes Thank Flag Link Sat Feb 23, 2013
So sorry to hear about your difficult situation. Have your agent contact the buyers agent and see if this can be worked out amicably first. If the Buyers aren't willing to budge, I'd recommend you contact a Real Estate Attorney to determine your options. Wishing you the best.
0 votes Thank Flag Link Sat Feb 23, 2013
There are MANY ways to work this out and end up not selling the property. At least an experienced and smart agent will know of several ways.

Because you are asking one could assume you've lost confidence in your agent. If that is the case the bigger issue is could you change agents at this point and how?

Call or email me if that is your situation.

resume http://stucarson.com/AboutTheTeam

references http://stucarson.com/testimonials

Stu Carson
408-209-0849
Stu@StuCarsn.com
http://www.GetRealRealtor.com
http://www.JustMyProperties.com
0 votes Thank Flag Link Sat Feb 23, 2013
You're probably not going to get off scott free. But if you come clean and explain your situation then hopefully you can avoid the courts.

Like Lance said, you may have to pay the buyers something. After all, they have probably paid money for and inspection and an appraisal already so I'd think they would at least want to be re-imbursed for that. Worst case they technically could take you to court , but I think most people are reasonable and would work with you to find a good compromise

But you never know until you ask so I would consult with your agent on this.

Best of luck to you,
Tony
0 votes Thank Flag Link Fri Feb 22, 2013
If the buyer is determined to go through with the sale, you could simply refuse to sign the papers. Judges are usually reluctant to order sellers to sell, but there will certainly be expenses and aggravation.

I would talk with your agent, explain the situation, and see if the buyers have interest in going away. You might throw some cash at them to induce that.

The larger issue is if you will be able to keep it even if you want. I imagine your husband may feel differently about keeping the property. If you end up getting divorced a judge could order the property to be sold as part of the decree. If indeed you are going to split I think I would want to be done with the property so I could get on with my life.
0 votes Thank Flag Link Fri Feb 22, 2013
One way for you to get out of the contract is if the buyer backs out. If done after buyer has removed all contingencies, sign an agreement that you will not penalize buyer for doing so.

Another way, through your agent, is for you to explain your circumstance for backing out of the deal. Hopefully the buyer will be sympathetic to your plight.

The third and costly alternative is to just back out. When you signed the CAR Contract did you initial the section for mediation / arbitration and liquidated damages? If you did, the most you will be penalized is 3% of the purchase price. Hopefully the arbiter or mediator you hire will be sympathetic to your circumstance and rule on no cost or a value less than 3%.

Try the first 2 alternatives. If you need to, go to the 3rd alternative to save the home. Decide whether the cost to back out will outweigh the value of saving the home.

Hope this helps.
0 votes Thank Flag Link Fri Feb 22, 2013
is backing out an option
Flag Sat Nov 28, 2015
First, talk to your agent. There is a chance that the buyer will let back out if you will ask nicely and explain your situation.
Web Reference: http://talisrealestate.com
0 votes Thank Flag Link Thu Feb 21, 2013
I'm no Ann Landeres but you may want to ask the buyer if he has any remorse. Just a thought.
0 votes Thank Flag Link Thu Feb 21, 2013
Dear Sellers Remorse:

May I suggest you seek a marriage and family therapist, priest, friend, or other counselor to try to save your marriage. If that works, your seller's remorse will evaporate. If you have children, even a temporarily unhappy home is better than separate parents from their point of view for their their well being. Having a neutral person who can translate each of your feelings to the other, bridging your communication difficulties can be a lifesaver not just of your marriage, but of your happiness.

Many people find marriage to be more difficult than expected because so few of us have the skills and temperament to really listen, understand our spouses, and ignore the down sides of their characters, habits, and generally not living up to expectations. Marriage is great training for raising teenagers!

Perhaps the real sign of your sellers remorse is a sign of your recognition that your future without your husband is so economically fragile without him that maybe you and he might want to re-negotiate and give each other some room within your marriage. He will face the same increase in economic fragility. When he sees it, he may want to try harder.

Most statements that hurt from one to the other are a sign of the inner pain or fragility of the one making the statement. When seen from that light, the one receiving the statement can look for the cure, and in finding it, strengthen the relationship. It never hurts when having made a statement to ask oneself if the statement, when looked at from other views, did it show respect for the listener? Most negative reactions are not from the substance of the statement but from whether the person who had to hear it felt respected or dissed.

Finally, I have learned that the need to be right can destroy the chance to be happy. It is amazing how many times my wife and I have noticed that accepting the wrong way the other had for the doing or solution turned out much better than expected. Mentioning that fact afterward to each other never hurts in smoothing ruffled emotional feathers.

Enough from me. I hope a few days time rejuvenates you and gives you and your husband courage to try again.

Mitchell Pearce
408-639-0211
mitchell@handsonrealtor.com
0 votes Thank Flag Link Thu Feb 21, 2013
Hi
I am sorry you are going thru this rough period in your life. Yes pls do consult with your Realtor and their Broker-Manager. You can also contact a RE Attorney i have worked with in the past if you so wish for advise, pls do let him know I referred you to him, his office is downtown SJ.:
Hodge Fenton Jones & Appel Inc.
Attorneys at Law
Dan Ballesteros
Ph: 408-287-9501 – main no.

Be well and safe, be strong, this too shall pass. Take care,
Nina Daruwalla
DRE#01712223
0 votes Thank Flag Link Thu Feb 21, 2013
Cindy is right. You should talk to a real estate attorney who can advise you if/how it's possible to back out of a contract. Your Realtor and the buyers might not be happy but if this is something you need to do, consult an attorney. I'm sorry for this unfortunate even, I wish you the best!


Travis Jackson
Century 21 M & M Associates
DRE#01879566
tjackson@c21mm.com
www408RealEstate.com
0 votes Thank Flag Link Thu Feb 21, 2013
No really...the California contract allows the buyers to back out but not the sellers...You can cancel but it would likely constitute breach of contract and it will cost you. Speak to your agent, and a real estate attorney to be sure.
0 votes Thank Flag Link Thu Feb 21, 2013
You should be talking with your agent and your agent's managing Broker right away. They have access to where you are in the process.

No one can force you to sell your home. There may be penalties associated with your decision.

I'm sorry you are going through this. If you don't get the answer you are comfortable with from your listing Broker, contact your attorney.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Thu Feb 21, 2013
Hi Terri:
Thank you. I haven't told my agent yet. He's worked hard on this sale and I know I am bound by the contract at this point. COE is in three weeks. All contingencies have been removed. I really just wanted to get an idea if what would happen if I decide not to sell. I can't afford thousands of dollars in legal fees.
Flag Thu Feb 21, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer