Time to celebrate...you've just received a great offer. All the terms, including price, settlement date, financing etc are acceptable and agreed upon. You are now under contract. Time to pack the house, hire the movers and make arrangements for your next home.
Whoa, not so fast.
On the rare occasion the contract falls apart for any reason such as buyer's remorse, loan denial, inspection concerns, condo documents, a family illness or who knows what...
You may need a back up contract. Discuss this with your REALTOR®
Make sure they keep tabs on everyone who showed interest in the house.
On the rare occasion a buyer asks for a release and they want out of a contract, you can let them go with a fight, hold their deposit, bring in the attorneys... but this won't get your home sold. In my experience when someone wants out, let them go rather than holding up the sale of the property.
(This does not mean there are no consequences for that buyer.)
There are ways a buyer can get out, some legal some not. Forcing a sale does not work. When the horse is dead dismount.
Move forward. Go to the next buyer who showed interest. Re-list the house, put it back in the MLS as active. Post a new blog.
By always treating the buyer's agents who showed the property with respect...you may just have your backup offer.
Thinking of selling your home
Call Margaret Rome