The other day I got a panicked call from a couple that wanted to withdraw an offer they had put on a home here in Charlotte (something had fallen through with the sale of their house in Florida...)
I assured them that this unfortunately happens a lot - and that depending on the circumstances, it may be fairly easy to withdraw the offer...Here is what you should know:
A home buyer can withdraw an offer anytime up until the time the offer is accepted by the seller. It is relatively easy at that point, and can be done through the real estate agent. However, after the seller accepts, they may owe the commission to their broker--so if the buyer pulls out, the seller may turn around and sue the buyer for breach of contract, just to get the cost of that commission.
Now, if the seller changes his or her mind after accepting an offer...especially if the buyer has met the terms of the listing agreement, then s/he usually also still owes the broker a commission, although it is dependent upon the wording of the listing agreement. I advise my clients to have the agreement, (and all contracts) reviewed by a real estate attorney and state that "the commission will be paid upon completion of the sale of the property".
Once the offer is accepted, the offer is a binding contract unless the terms are not met in some way, (such as if the buyer doesn't get financing).
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