08/21/2026
🏠 SELLER’S REMORSE: Can You Cancel a Home Sale Because a Better Offer Comes Along?
During my recent appearance on Home Sweet Home Chicago with David Hochberg on WGN Radio, we discussed an issue I’m seeing more often in today’s real estate market.
You’ve accepted an offer. The contract is signed. The buyer has financing lined up and the inspection is completed.
Then another offer comes along for $30,000 more.
Can you simply cancel the first deal and take the extra money?
Generally, no.
Once you sign the real estate contract, your home is effectively under contract. Before signing, you can certainly compare competing offers. But after signing, getting a better offer doesn’t automatically give you the right to walk away from the deal you already made.
As I said on the show, I sometimes get the call:
👉 “Dave, do your magic. This offer is $30,000 more. Get me out of the first deal.”
My answer? I’m not going to do it simply because a better offer came along.
Illinois law recognizes principles of good faith and fair dealing. Trying to manufacture a reason to terminate an otherwise valid transaction simply because another buyer offered more money can potentially lead to a dispute, litigation, and even tie up the sale of your property.
There ARE legitimate contractual situations where another offer can come into play. For example, certain home-sale contingencies may contain what is commonly called a “bump-out” provision, allowing a seller to proceed with another qualified offer after following the required contractual procedure.
But that’s very different from plain old seller’s remorse.
Or, as I put it on the radio, sometimes the synonym for seller’s remorse is simply “greed.”
⚖️ The takeaway: Before you sign a real estate contract, make sure you’re comfortable with the price and terms. Once you sign, don’t assume you can simply change your mind because someone offers you more money.
Have questions about buying or selling a home in Illinois? The Law Office of David R. Schlueter can help you understand your rights and obligations before a real estate issue turns into a legal problem.
https://loom.ly/eWOjVk0
