Do I HAVE to sell my house?

Categories: Real Estate News
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Comments: 2 Comments
Published on: June 15, 2011

What if you put your home on the market and then change your mind about selling.  Do you still have to sell your home EVEN if you get an offer that matches everything EXACTLY as you asked (date, asking price, inclusions, exclusions)? No you do not, but the general public does not know this. 

The case in point is a client of mine.  They are interested in a gorgeous condo that has been renovated top to bottom.  They would like to put in an offer conditional on the sale of their home.  The Seller will not accept a conditional offer as they have just done a major price reduction and feel a conditional sale may scare away a firm sale.  I have explained to my client that we can prepare their home for sale (declutter, freshen the home up, rearrange furniture/stage it) and then list it.  While their home is on the market, if someone else puts an offer in on the condo they want to buy, then we just take their home off the market.  Seems simple doesn’t it?

The problem is (and everyone seems to think this)….if they get an offer that matches exactly what they were asking, but the home they want sold before they could put in an offer, they MUST accept the offer on their current home.  NO you do NOT have to sell your home if you change your mind.  It is akin to getting married – you have arranged the caterer, everyone is sitting in the seats watching the ceremony but until you say “I do” you are not married.  If I know my client is sincere about selling and the property they want is no longer available, ultimately I want what is best for my client.

Don’t let this common misunderstanding stop you from pursuing a property you are interested in.

Summer Rea is with CENTURY 21 Miller Real Estate Ltd., Brokerage in Oakville, ON.

2 Comments - Leave a comment
  1. Mark Brian says:

    You are so right that until that contract is executed the seller can just say NO. Not giving legal advice as I am not an attorney and the laws vary from area to area, but until the contract is executed, it isn’t a binding contract in my area. I have even heard some places have 48 hours for the buyer or seller to back out without penalty.

    • MyHomeFinder says:

      Hey Mark,

      We don’t have the 48hr ruling here either, which I think is a good thing. Otherwise, you’ll have endless amount of houses being put up on the market, just so the sellers can see how much they might be able to get. I understand that a cooling period is required, but unfortunately, people like to take advantage of things like that.

      Also, I’m not sure why people are under the impression that once your house is on the market, it’s a done deal, you HAVE to go through with it! I think it’s just a mis-informed, mis-understood grey area.

      Vahab

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