Although I love our new home, I have been experiencing an emotion that I didn’t really know existed – seller’s remorse. We spent several years getting our previous home like we wanted it, so it is easy to look around at everything that needs to be done to the new one and wonder if moving was a mistake. I also feel some regret over leaving Mrs. J, even though she’s only five minutes away.
Turns out these feelings are fairly common, especially when parting with large items like houses and automobiles. A search engine provided me with some insight into what I’ve been feeling and what the repercussions of backing out of a sale might be. Here’s part of an article by Julie Garton-Good:
Before you make that “I’ve changed my mind” phone call and hear the screaming on the other end of the line, understand your legal obligations and penalties under the purchase agreement. Decide if you’re prepared to handle the worst case scenario and evaluate what you’ll be giving up if you do back out.
First of all, understand that getting cold feet is normal for both sellers and buyers. Usually this malady hits buyers first, in part because they’re writing the check for the earnest money deposit, applying for the loan–things that deal directly with parting with money.
Sellers, on the other hand, usually have a major case of cold feet when they start to make arrangements for moving or when they start to pack things up. And, unfortunately, this is often late in the transaction, causing the buyer’s response to be anything but understanding. That’s why it’s very important to know what recourse the buyer could have against you if you don’t complete the sale.
After listing all of the legal and financial obligations that a remorseful seller might encounter if they cave into their feelings, Julie concludes her informative article with some direct advice:
If nothing else, this should be enough to convince you to complete the sale and move on with your life.