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Can we pull house off market after counter offer accepted?

We live in MA.  We got an offer, countered, and the Buyer accepted.  We now realize for financial reasons we should probably not sell.  I understand we'll have to pay some monies to our broker.  Can we back out? How much would we owe? We don't want to sell to someone else, just pull it off the market and stay for a while longer.

BTW - No inspection has been done, no other paper work has been signed etc, just initial offer sheet.
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April 09 2013 - Haverhill
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It all depends on your contract.  Chances are, you obligated to perform as required unless the Buyer fails to perform.  Some contracts may have escape clauses.  Ask your agent or attorney.

Of course money may buy you out of it, but it could be a costly mistake.
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April 09 2013

You may also have to pay the buyer if they press the issue.

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April 09 2013
If you've made the decision, it's crucial that you contact your agent ASAP so the buyer doesn't incur any additional expenses in the purchase of your home. Once they have paid an inspector they are going to be less willing to cancel the purchase agreement without you paying them some money.

So far at this point the buyers are mostly out time but will soon be out money.

If you're planning on re-listing in the future, a promise to use your listing agent again may persuade the agent to not charge you commission. However they may ask you to pay for the cost of any advertising which is often an expense that comes out of their pocket (and paid back when they sell).
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April 09 2013
In addition to the other posts I would ask your agent if you have received a copy of the signed acceptance of the counter offer.  In some states the contract is not in effect until both parties have received the signed acceptance contract in writing - in other words not just a verbal acceptance.
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April 10 2013
If it is just the offer you may only have to lose the deposit. If they haven't paid for any inspection or an attorney yet the sooner you tell them the better.
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April 10 2013
 
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Can we pull house off market after counter offer accepted?
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Latest reply by Christine Moran Realtor & Notary
April 10 2013 | 5 answers
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