What’s the repercussions for no longer wanting to sell your condo if you’re already under contract?

I can’t call any real estate attorneys since it’s the weekend & won’t know till Mon. I have a contingency offer where I need for my place to sell if I buy. I was under contract for a property to buy & no longer want to move fwd it’s the inspection period so it’s fine but the issue is I no longer want to sell my place. I signed a legal binding contract and my realtor is being very evasive saying it can either go fine or go terrible I’m nervous and sick to my stomach. She’s saying that the buyer for my place can sue or may understand and it can go amicably. It was hasty and rushed and if I have to pay some kind of money I’m not in a place to do so.

Offering the buyer money to cancel the purchase agreement is likely the best option.

This site explains that sellers who want to renege are, exactly as your realtor explained, in a bad position:

https://www.bankrate.com/real-estate/ways-home-sellers-can-back-out-of-contract/

I also think you should find a real estate forum to ask your question. Respectfully, what you are asking here seems to me to be off-topic.

Dan

One thing you can hope for is the inspection turns up issues the buyer wants you to repair. You can say no, then the ball is back in the buyers court as in are they willing to close as is?.

Oops. The OP (Dan) is the buyer. In that case after the inspection, the OP should request all issues be repaired by a contractor of their choosing. Then wait to see what the seller says.

Like Melissa, I can't help but think one should be careful what he or she wishes for - you may get it. You appear to be learning this the hard way.

Anyway, it's on you if you didn't take time to read the contract - that's why they exist so people can't jump in and out of a deal. You may as well be honest for a change and tell the buyer circumstances have changed and you've decided not to sell. Be prepared to cough up some money to the buyer to make it happen.

And next time SLOW DOWN for once and take the time to THINK about what you want to do and why before you do it. When you get too emotional (like you did with your former neighbor), you will make the wrong decision for the wrong reason.

My understanding is she is the buyer and the seller. She made an offer on a new home contingent on selling her old home. That offer was accepted and now she wants to back out. Meanwhile, she accepted an offer on her existing home and she wants to back out of that deal, as well.

Do you have an offer on your condo to sell or do you have a offer to buy another property?
If someone has an offer to buy your property to sell them, they could sue you for specific performance.
Buyers always have outs in their contracts to withdraw offers to buy, the worst case is you would lose any earnest money paid to secure the unit.