I am a seller who has already signed a listing agreement with a buyer right before Memorial Day. Settlement was agreed to be pushed back to 8/19 or before, as I have not found a new home yet to buy. I put my home up for sale on advice of realtor, with the thinking that I couldn't afford to overlap and pay two mortgages.

My husband and I have been looking at everything for sale in the areas we want, but have not found our next home. Obviously my anxiety level is high, and we are both very on edge. Frankly, at this point, I want to back out of the contract, so we can take our time, find a home without this sense of urgency, and then sell our current home. We could use our extra savings for a duplicate mortgage payment if necessary.

I realize that we would be in breach of contract, but what exactly could happen? (I have not discussed with my realtor yet.) Could the buyers sue us and take this matter to court?

I realize that I'm frazzled because we haven't found a house yet, but if I was the buy, I'd want to know now that we wanted out, instead of the day before settlement.

Thank you for your time and advice.
Michelle

If you already have a qualified buyer, I would seriously consider the following:

Could you ask for an extension from the buyer? Offer them something in return - you have quite a bit of time yet, and asking them sooner than later would give them time to arrange on their end. For instance, have they sold their home, are they renting and have to give notice, etc.

Why not consider renting? I know it stinks to move twice, but think of it this way:

You could then take all the time you wanted. You would have the money to make a purchase without having to find ANOTHER buyer. And third, you will be in a horrible negotiating position if your house is not sold and you decide to be contingent (although you mention using savings if you had to to bridge).

What is it like in your area? Do homes sell quickly? Was it incredibly easy to find a buyer at your price? Do you think it would be easy again?

If I were you and I truly wanted to move, I would not let go of a solid buyer. I would move into a rental if I had to, because I understand you don't want to rush this decision.

As for what could happen to you, all state laws are different. I would imagine you could be sued for specific performance, which would mean you would lose, the buyer would get the house AND you would have lots of attorney fees on top of everything else, including stress.

I would not only ask your real estate agent but your attorney as well before making a decision.

Good luck!

ditto to what cherir says. I would strongly look at renting for a while. With the "cash in hand" and no contingencies, you will be in a much stronger position to make offers.
If you have alot of "stuff", consider a storage unit or garage sale.
Good luck!