I Realized I Don't Want to Sell My House but I Have an Offer

Changing your mind about selling can have serious consequences.

At a certain point in the house-selling process, you may have a legal obligation that you can't easily back out of. If you do, you may find yourself in court being sued by the buyer. Whether you can still change your mind about selling your house depends on where you are in the home-selling process.

Offers

An offer refers to a written legal document that details the price the buyer is willing to pay for your home. It also usually contains the terms the buyer wants, for example, requiring that he conduct an inspection of the property before going through with the purchase or detailing the fixtures of the home he wants to keep. Usually, you can produce a counteroffer, requesting changes in terms or a higher price. When you agree with the buyer on a price and the terms, you both sign off to indicate your acceptance.

Before Offer Acceptance

If you only have an offer and have not counteroffered or accepted it, you can back out of selling your house. At this point in time, you are not yet legally bound to sell your house and can let the offer expire. Likewise, if the buyer lets your counteroffer expires, you can still back out of the deal. If you or the buyer have presented an offer or counteroffer and the other party agrees to it, then you are legally bound to sell the house.

After Offer Acceptance

You and the buyer may have to send a few counteroffers back and forth until both of you are happy with the price and purchase terms. You both then sign a contract and are legally bound to complete the transaction. If you decide not to sell your house after signing the contract, the buyer has the right to sue you in court. You can only get out of the contract without consequences after signing it if you or the buyer don't meet the conditions of the contract, for example, if the buyer doesn't provide proof of financing by the deadline.

Legal Consequences

If you don't sell the house after offer acceptance, the buyer can hold you to the contract and sue you for not meeting your contract obligations. You may have to pay the buyer financial damages after a court hearing. You may have to pay for the losses the buyer suffers from having paid for an appraisal, having given notice to her landlord about moving out of her rental property and other costs.

References

• Nolo: Selling Your Home