Can a Seller Back Out After Accepting an Offer?

Can a seller back out after accepting an offer, a very frustrated buyer asked their real estate agent. Before the real estate agent could answer, the buyer yelled the seller backing out is breaking a contract we agreed to, what's the real estate contract law governing escape clause the buyer demanded!?

Whew... Yes, a seller backing out of house sale before closing is very frustrating and indeed is breaking a transaction.

Depending on the reasons why the seller backing out may ultimately depend upon whether they can or not. At the end of the day it is very hard to force a seller to sell their home.

A few of the most common reasons a seller back out of real estate contract is:
1. They think they could've got a better price.
2. They appraisal came in too low.
3. Practical reasons like they lost their job, the job transfer didn't go through, they were diagnosed with cancer, or possibly they were selling their home contingent upon buying another it fell apart.
4. Probably the most common reason is simply cold feet.

Although buyer's remorse is far more common than sellers remorse, it does happen. A seller may get cold feet due to the strong emotional attachment they may have with their home. In such a case, it's best for the seller to remember the reasons they wanted to seller their home to begin with and to reexamine their home selling motivations.

Just like buying a home, selling a home is a big life change. Change means different things to various people. Most everyone could agree that with change comes a certain amount of anxiety and fear. As long we remain clear on why we are doing something, in this case, selling a house, then everything will work out for the best.

Real estate contract law on the other hand is best discussed with a real estate attorney. While your trusted real estate adviser can answer many questions and offer guidance, if you want sue the seller, you will need a real estate attorney. Just be aware it is very difficult to force anyone out of their home and may not be worth the aggravation and cost. It's up to you.

The sale contract the seller and buyer agree to is a key consideration. Did the seller disclose that they were selling their home contingent upon buying their new home? If so, the buyer should've known this upfront before submitting an offer and should take a seller backing out of escrow in stride.

In a case the seller withdraw from closing, the seller needs to be prepared to return the buyers earnest money deposit, cost of the home inspection, appraisal, and perhaps even storage for the buyers, and perhaps some temporary housing costs. It all comes down to what was in the sales contract and any other addenda to the contract that were agreed upon.

Obviously, this a situation no one wants to find themselves in yet it does happen. Today's real estate advice video about this to light so you can be better prepared.

If you want to know more about how a seller can back out of a contract, or have ideas for more real estate advice videos, please let me know.

Want to know more about the Las Vegas real estate market trends? Send me a message, I'm here to help!

Enjoy an amazing day!
-Your Real Estate Geek, Andrew Finney

Contact info:
Andrew Finney
USMC Combat Veteran/ Real Estate Consultant
License #S.0173260

Call/ Text: 702-710-0287
Email: AndrewFinneyTeam@GMail.com
http://www.andrewfinneyteam.com/Home
BHHS, Nevada Properties
7475 W. Sahara Ave. Suite 100
Las Vegas, NV 89117

Designations-
Certified Residential Specialist (CRS)
Accredited Buyer's Representative (ABR)
Sellers Representative Specialist (SRS)
Certifications-
Military Relocation Professional (MRP)

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Видео Can a Seller Back Out After Accepting an Offer? канала Andrew Finney Team