Changed Your Mind About Selling? Here’s What to Know
Sometimes life changes fast. A plan that once made sense can suddenly feel wrong. Maybe your family situation shifted. Maybe you got unexpected news. Maybe you just realized this sale no longer aligns with your goals. Whatever the reason, you are under contract to sell your home and you changed your mind.
You are not alone. This situation comes up from time to time, and I have seen it play out in many different ways. Sometimes the seller and buyer are able to walk away on good terms. Other times, it has ended in legal disputes and major costs. Here is what I usually tell clients in this situation.
Start by Talking to Your Real Estate Agent
If you are thinking about canceling your sale, your first conversation should be with your real estate agent. A good real estate agent will help you understand your contract, your contingencies, and any opportunities to negotiate with the buyer.
Depending on where you are in the process, there may be a small window where both parties can mutually agree to terminate the deal with minimal penalties. In rare cases, the buyer may be having second thoughts too. But do not count on that.
Your agent can also help you assess the cost of walking away. That includes earnest money, potential commissions, and reimbursing the buyer for inspections and appraisals.
Next, Involve a Real Estate Attorney
If a solution cannot be found through your real estate agent, this is when you bring in a real estate attorney. You need someone who can walk you through your legal obligations and help you understand what you are risking if you pull out. That includes the possibility of being sued for specific performance, meaning a court could force you to complete the sale.
In my experience, once attorneys are involved, the tone often changes. Sometimes that creates clarity and leads to resolution. But I have also seen attorneys on both sides escalate a situation that could have been settled quietly. That is why I recommend trying to work through your real estate agent first when possible.
There Is Usually a Financial Cost to Canceling
Even when both sides agree to cancel, it often comes at a price. In one case I was involved in, the seller backed out after a job loss. I understood their hardship and waived my commission. But they still had to pay the buyer’s agent commission and a financial settlement. In the end, walking away cost them $25,000.
Other times, sellers have had to pay back inspection costs, cover buyer fees, or offer cash just to dissolve the contract. There is no flat fee or standard penalty. Every case is different. But nearly every time, it costs the seller something.
What You Can Do If You Truly Cannot Sell
If you are facing a life change and keeping the house is the only path forward, then act quickly. Waiting increases the buyer’s expenses, and the longer you delay, the harder it becomes to negotiate a resolution.
- Be honest with your real estate agent
- Review your contract timeline
- Ask if there is a mutual release option
- Offer to cover buyer costs where appropriate
- Do not ignore communication or hope it goes away
Remember that the buyer has rights too. They may have sold their current home, lined up movers, and secured financing. Their plans matter just as much.
Final Thoughts
Selling a home is an emotional and legal commitment. Sometimes those two realities do not line up. When they do not, the best thing you can do is communicate early and stay solution focused. I have seen sellers and buyers walk away peacefully and respectfully. I have also seen drawn-out disputes that made everyone miserable.
My advice is to talk to your real estate agent first. If no solution is possible, involve a real estate attorney. And know that canceling is often possible but rarely without cost.
If you are in this position and need help understanding your options, I am happy to connect you with an experienced agent or attorney in your area. Just reach out.
