The Real Estate Encyclopedia
Can I Change My Mind And Not Sell The House After Receiving An Offer?
Category - Home Selling Questions - Agent, Offer & Commissions FAQ's

Although infrequently, it could occur that a seller's needs change during the process of negotiation, which could lead to his/her decision not to sell the home.  If the negotiations are at a stage where counteroffers are exchanged, a seller can select not to respond to a counteroffer coming from the buyer and there would not be a contract.  On the other hand, if all terms of the contract have been agreed to and signed by both parties, a binding agreement date established and all inspection and other contingencies satisfied, the buyer can sue for performance. If the buyer decides to pursue the issue legally, he or she must keep in mind the possible lengthy process and additional resources, which this may require.  The seller must be aware that if a contract has been negotiated and all terms, including the purchase price, agreed to by both buyer and seller, the agent has fulfilled his/her responsibility and is entitled to the agreed commission. 

Home Selling Questions - Agent, Offer & Commissions FAQ's
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