It’s the scenario that no potential home buyer wants to think about: you’re ready to sign the agreement for a house, and the seller gets cold feet. Suddenly, they don’t want to sell after all.
So, what happens when you are ready to buy and the homeowner decides not to sell? Do they have a legal obligation to sell their house?
Discuss their concerns
It’s not uncommon for sellers to have second thoughts, especially if they’re attached to the property. The best thing to do is to have a conversation with the seller to understand their concerns. If they’re simply having doubts, you may be able to reassure them and move forward with the sale. However, if the seller is worried about a specific issue, such as financing or repairs, you may need to renegotiate the terms of the sale.
In some cases, it may even be necessary to walk away from the deal. No matter what happens, remember to stay calm and communicate openly with the seller.
How to proceed if the seller backs out of the sale
If the home seller backs out of the sale, there are a few steps that the buyer can take. First, it is important to review the contract to see if there are any contingencies in place that would allow the seller to back out. If there are no such contingencies, the buyer can then proceed with legal action.
In most cases, this will involve filing a breach of contract lawsuit. Once the lawsuit is filed, the court will typically order the seller to either go through with the sale or pay damages to the buyer. In some cases, the buyer may also be able to receive compensation for their attorney’s fees. Experienced legal guidance is key to navigating such issues.