Certainly, you have the option to remove your house from the market before signing a purchase agreement, with a buyer.
- Once you have signed a purchase agreement it becomes an obligation to sell your house unless there is a contingency in the contract that allows for withdrawal.
- There can be reasons why you might want to take your house off the market. Perhaps you have had a change of heart about selling. Maybe you wish to make some improvements to your home before considering putting it on the market. Regardless of the reason it is within your rights to withdraw your house from the market at any time.
- If you have enlisted the services of a real estate agent and have already listed your house it is important to inform them if you decide to take it off the market. They will be able to remove your listing from listing services (MLS) and other websites where it is being advertised.
- For those selling their house without an agent (FSBO) removing your listing from any websites where it has been advertised would be necessary. Additionally placing a sign in your yard indicating that your home is no longer for sale may also be advisable, for informing buyers.
If you’re thinking about removing your house from the market here are some things to consider;
- If you’ve already accepted an offer, on your home keep in mind that backing out of the sale might result in a penalty, to the buyer. The specific amount of the penalty will depend on the terms stated in your purchase agreement.
- Should you decide to take your house off the market to undertake repairs or improvements make sure to factor in both the cost and time required for completion. It’s crucial not to remove your house from the market only to find yourself unable to put it up for sale for months.
- If a change of heart is leading you to take your house off the market it’s advisable to consult with your real estate agent or financial advisor before finalizing any decisions. Selling a house is a choice so it’s essential to carefully evaluate all options available.
Ultimately, whether. Not you choose to remove your house from the market is a decision. Various factors should be taken into consideration including market conditions, home condition and financial situation.
If you’re unsure, about whether or not to withdraw your house from the market its an idea to have a conversation with a real estate agent or a financial advisor.
Here are some additional suggestions for removing your house from the market;
- Make sure to inform your real estate agent or potential buyer. This will give them time to make any arrangements.
- Take down your listing from all websites where its been advertised including platforms like MLS, Zillow, Trulia and Realtor.com.
- If you’re selling your house “For Sale By Owner” (FSBO) place a sign in your yard informing buyers that your home is no longer available for sale.
- Notify any buyers who have reached out to you that your property is no longer, on the market.
- Refund any money that has been deposited by buyers.
- Taking your house off the market can be a process. Its crucial to follow the aforementioned steps to ensure that everything is handled correctly.
