Dear Kindly Hopeful Home Buyer:
Can a seller back out of a deal? Even if its legally not permissible, that doesn't mean that the seller won't still try to do it --- sometimes understandably so.
My experience, as a first-time home buyer, involved an attempt to back out of a signed P+S with deposit paid. I'm glad to say that ultimately, thanks to an excellent real estate lawyer, the seller and I were able to resolve the matter amicably.
After we had signed the sale agreement, the sellers were reportedly approached by others indicating they could get a higher price for the house. There were other expenses that also came up for the seller relating reportedly to prepayment penalties for their mortgage company.
It took my real estate attorney a few extra meetings and phone calls to sort out, but finally the sale did go through. Ultimately, I think the lesson to me was the importance of having expert guidance and being reasonable and flexible, if necessary, but also being firm about the importance of the commitment on both sides.
Home buying and selling can be stressful for all the folks involved. Hopefully, your situation can be rectified with a minimum of additional pain and suffering, and you can have your new home as planned.