Monday, November 06, 2006

Home Seller Feeling Second Thoughts

Buyer's remorse is an emotional condition whereby a person feels regret after the purchase of an item. In the context of Real Estate there are a many possible scenarios that bring on buyer's remorse: such as - continuing to look at homes after you buy, no guidance after the transaction, or talking to others about the new house - etc... On the flip side of this is Seller's Remorse. Some scenarios that bring on sellers remorse are that the sellers start thinking about all the wonderful memories enjoyed in their home or how they think they will never be able to find another residence as nice.

If your a home seller avoid Seller's Remorse and ask yourself why do you want to sell your house. If the answer is a new job, divorce, financial problems, pending foreclosure, or moving closer to family then you should be safe from the issue of sellers remorse. However, if you answer that your curious what you can get for the house, need to sell for fast money, or your tired of the responsibilities of home ownership then make sure you want to sell before you list the house for sale.

Home Seller Beware: of the "we're not moving" possible legal consequences or penalty's of your breach of the buyers purchase agreement.

In a nutshell, if the buyer really wants the home, the buyer can bring a "specific performance lawsuit" to force the seller to complete the sale on the terms agreed in the signed sales contract.

To make matters worse for the seller, a savvy buyer's lawyer will usually record a "lis pendens" against the title to prevent the seller from selling to another buyer or even refinancing the property.

The legal reason is every property is unique, so monetary damages are not an adequate remedy for the buyer if the seller breaches the sales contract.
For more details about the results of breach of contract by either the home seller or buyer, it's best to consult a real estate professional.

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