Dear Real Estate Adviser, I signed a contract to sell my home and immediately realized I had made a mistake.

What are my options to get out of this? Dear Elvenia, This is surprisingly common, particularly for sellers who have lived in one place for a long time and have strong emotional attachment to a home.

Signing a contract to sell a home, you see, shows clear intent and is a legally binding pact between you and the homebuyer. Obviously, you would be in default and leave yourself in a legally vulnerable position. Buy yourself out of it.

That is, if you really, really want to. But before you put the kibosh on the sale, I suggest you revisit all the reasons — the physical or mental list of pros and cons — you compiled for putting up your home for sale in the first place. People who re-examine these motivators will often realize, albeit grudgingly, that selling was actually the right decision given changes in life circumstances and needs.

Ask yourself this question: Where do I see myself in five years? Not only would you be required to return the earnest money, you may have to also reimburse the buyer for such things as:. Realize, too, that the buyer may have had a devil of a time coordinating the sale and move-out of a previous home with the anticipated purchase of your place and may not be in good humor about your change of heart.

Any such exception would have had to be clearly specified in your sales contract. Otherwise, buy yourself a warm blanket for those cold feet and get ready to make new memories in your next home. Read more Real Estate Adviser columns and more stories about real estate. The content is broad in scope and does not consider your personal financial situation.

Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website.

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Making an offer on a house, and paying Earnest Money

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3 must-knows before backing out of purchase contract

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Can I Get Out of a Real Estate Contract Before Closing? | Home Guides | SF Gate

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Can seller back out of home sale contract? Steve Mclinden bankrate April 13, in Real Estate. Why the popsicle toes? Not only would you be required to return the earnest money, you may have to also reimburse the buyer for such things as: Inspection and survey fees. If you balk, a court could award these, plus legal costs, to the buyer. Other people are affected Realize, too, that the buyer may have had a devil of a time coordinating the sale and move-out of a previous home with the anticipated purchase of your place and may not be in good humor about your change of heart.

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