One month ago, all you wanted was to find a buyer for your home. Now, you receive a really good offer but are getting cold feet to the idea of leaving your home.
If you want to squash a deal on your for-sale home but don't know how to do so "appropriately", here are some options you can try according to Trulia:
Refuse to make repairs
A wise buyer would have a home inspected before they decide to buy it and more often than not, an inspector would find oodles of repairs the home needs. Buyers usually expect the seller to do the repairs, and this is an opportunity for you to give them a reason not to continue with their offer. Refuse to do the repairs. "That might make the buyer angry enough to walk away," says Mike Minihan, an Atlanta real estate agent.
Have a contingency in place
When selling your home, lay out a contingency which deems the sale of your home contingent upon finding a suitable housing, suggests Melissa Zavala, a San Diego County, CA broker. That way, "The seller might be able to back out or delay the closing if suitable housing is not available," she says.
Take responsibility for your actions
You can have all valid reasons in the world for pulling the rug under your buyer, but you need to be honest with them and admit that you have made a mistake and want to change your mind. "Be upfront and honest with the buyer," says Minihan. "Offer to reimburse them for their inspections or appraisals, and apologize for wasting their time."
Know that it might be difficult to sell later
Know that after you have successfully cancelled a contract with a different buyer, putting your home back in the market for a second time wouldn't be as easy. Potential buyers will know of the record and wonder what went wrong with the deal and this might affect how they think about your home.
Prepare for the worst: being sued
Since you have signed a contract, the buyer has the right to sue you for not honoring it. In rare times, the court could order you to continue with the contract.
Get a lawyer
Worst comes to worst that the buyer won't budge and really want to buy your house when you really don't want to sell, maybe it's time to have a lawyer in the picture. "It's important for sellers to understand that a contract is exactly that - a contract," says Melissa Zavala. "So the terms should be carefully considered before moving forward."
