I signed a contract to sell my home in Olathe a couple weeks ago and now I am having second thoughts.

Question: I signed a contract to sell my home in Olathe a couple weeks ago and now I am having second thoughts. I wanted to sell my home in Olathe, Kansas because I am recently divorced and making the monthly mortgage payments is a little stretch. I wanted to buy a smaller home in Olathe, but I haven’t found anything I like or will cheap enough to lower my monthly payment. It doesn't make sense to me to move to a smaller home and pay the same monthly payment. What would happen if I got out of the contract? Would I owe the Realtor anything? Should I look at refinancing as an option to lower my current mortgage?
Leslie D. from Olathe, KS.


Answer: There is a reason the paperwork you signed is called a contract. A contract is an agreement by two  parties that have their understanding down in writing, signed their names and are bound by it. Unless there is a provision in the agreement that lets you back out, then I don't see an easy way to get out. I would first meet with your REALTOR and discuss with them your situation and see what they recommend. If I were your agent, I would hope that you would come to me with all of these questions and let me guide you to the right result for you. As an exclusive buyer’s agent, I feel that is my job.


If a remedy is not worked out with your buyers agent, you may need to consult an attorney. If you don't have an attorney, I would recommend contacting Mark Molner. Mark can be reached at 800-884-6000.


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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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