With all of the excitement that comes with searching for a new home in Dallas, one might start to wonder people say buying a home is such a stressful process. Finding a home certainly can be fun; actually buying it can be a different story. Many think that the hardest part of the entire process is putting an offer in and having it accepted. Oftentimes, however, it is at that very point when the stress truly sets in.
When one has a home under contract, they typically view the house as being as good as theirs. While they are one step closer to making that a reality, much can still happen to derail the sale. Typically, however, any actions that nullify the proposed sale of a home will not come from the seller. According to SFGate.com, while a seller can continue to receive offers on a home while it is under contract, they cannot reject the current contract for a better offer. If they do attempt to back out of the sale (without having good cause to do so), the buyer can take them to court to either force the sale via a court order or sue for breach of contract.
In most cases, it is the buyer that pulls out of an agreement when a house in under contract. OpenListings.com states that if this happens, the buyer risks losing their earnest money (the deposit meant to secure the contract; typically 1-3 percent of the total purchase price). It is for this reason that buyers are encouraged to place contingencies in their purchasing contracts that allow them to walk away from the sale without forfeiting their earnest money. Such contingencies can be made dependent on whether or not the home passes inspection, or whether the buyer can sell their current home.