seller regretting

[troubledseller]

California. Five days ago, we signed a contract to sell our house, and since then the buyer has conducted the physical inspection. However, we now regret the decision to sell (this is a very long story involving crying children and insecure employment). We feel very bad about backing out, but nevertheless are seriously considering doing so. We would of course reimburse the buyer for the inspection expense. My question: what can happen if we back out? Will we be in a lot of legal trouble? Are there specific laws dealing with this situation?

 

[HomeGuru]

It depends on what the terms and conditions are in your contract.

 

[troubledseller]

I don't believe the contract has any special provisions for this situation. At least I didn't see anything when I looked through it. I believe it's just a standard purchase contract. Do those normally have a provision explaining under what conditions, if any, a seller can back out, and what happens if the seller backs out anyways?

BTW: thanks for the quick response!

 

[HomeGuru]

Hmmmmm, and where is your real estate agent?

 

[troubledseller]

I haven't discussed it with her yet. I want to know what my options are first before I do that. That's why I'm trying to find out where I stand. I'm fairly certain she'll be rather annoyed (can't blame her). I'm also fairly certain that the response will simply be: "no can do: you signed the contract." I'm basically trying to find out what will happen if I break the contract. Whether I as a seller have any legal legs to stand on when changing my mind.

(Note: I know that the agent is supposed to always act in my best interest, but she is also a business person that stands to loose money if I pull out of the sale.)