Can A Home Seller Back Out Of A Sale If A Higher Offer Is Made?

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When selling your house, you may accept an offer and then receive a higher one. This can lead to strategic juggling, but a seller can't back out without legal risk.

Once you agree to a sale, you're bound by the agents' terms. These are legally binding and often include cancellation terms.

If a deal falls through, it's usually because of the buyer's finance. The seller can keep some or all of the deposit and relist the property.

What if seller refuses?

A seller is committed to sell the property and faces financial and legal repercussions if they choose to breach the agreement.

What if they receive higher offer?

In most cases, the seller would be required to close on this real estate agreement, but there may be ways out if the seller receives a superior offer.

30-Days Time 

If the buyer needs more than thirty days to arrange financing with the mortgage lender, the seller has the right to back out of the contract.

Motivated sellers are flexible because a broken agreement means relisting and starting again. If you receive a greater offer after 30 days, you can accept the new price.

Understanding the possibility for this cash boost requires reviewing the conditions of your contract to determine how long the buyer has to prepare their finances.

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