If You're Under Contract, Is It Too Late to Back Out?
Today’s question is, “Could I have gotten more out of my sale?” The person who asked this question went on to ask whether there were any options they had moving forward. Unfortunately, there isn’t much that can be done once the contract has been signed.
If you’re in a contract, which is legally-binding, things are basically settled. While you as a seller are unable to back out at this time, the buyer is still free to do so.
For example, if the buyer is dissatisfied with the inspection report, can’t get the financing, or has another valid issue arise, they can step out of the deal.
However, there is something you can do. You can continue to market your property on the multiple listing service with the understanding that it is currently under contract. However, although you can still entertain offers, you cannot accept them unless your own contract falls through.
If your first buyer does happen to back out for some reason, you can then fall back onto a backup offer.
Though, while you can list your property on the multiple listing service after going under contract, it will be listed as contingent and will receive much less traffic from interested buyers.
With all of this said, remember that the early offers you received were likely from buyers who were very interested in purchasing the home. You may think you could do better on the offer you’ve signed into contract, but you can’t be sure. Sometimes, the first offer you get may be the best. This isn’t always the case, but is definitely something to keep in mind.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.