My husband and I have already signed a contract to sell our condo in Newton. However, we have since changed our minds and no longer want to sell. What can we do to get out of selling our home?
Having signed a valid contract, your options may be limited. The sooner you approach a buyer or buyers the better. Some sellers approach a prospective buyer with the truth, offer to reimburse the buyer for costs such as inspection fees and the like and hope their appeal will be honored. Another potential “out” is if the buyer requests additional time to obtain mortgage financing. By declining to give a buyer additional time, you force the buyer to take the chance that the mortgage will be approved or terminate the transaction. The same tactic can be used if the buyer is unable to close on the agreed upon date. The latter two options are not risk free and could lead to litigation.
Our Newton Real Estate Attorneys serve all of Newton and the Boston Metrowest communities including: Brookline, Watertown, Waltham, Weston, Wellesley, Needham and Dedham.