Real Estate Blog

Seller’s remorse is not a common affliction, but it does happen.  There are various reasons you may be bitten by the “remorse bug” after you’ve accepted an offer. It may be difficult to move for sentimental reasons, or because the circumstances that led you to sell in the first place have changed.  You may have a nagging suspicion that you undervalued your home.  Before you place a call to your agent asking to back out of the agreement, however, think carefully about the consequences.
      As with any legal proceedings, a sudden variation from the contract can engender significant penalties.  Depending on the terms of your agreement, you could be liable for “costs and damages” based on “incompletion of specific performance” (namely the selling of your home) and even “costs of sale” that would oblige you to pay the agent’s commission.  If you experience an attack of seller’s remorse, it’s best to take a breath and gain some perspective by remembering your motivation to sell in the first place.  Don’t let a common reaction interfere with your intended life change.