Re-Negotiate a Contract?
Hi – We went to contract on a house (before the markets tanked) with plans to close in January / February. I have heard people talk about “renegotiating the contract” but I’m not exactly sure what people mean, or if that ever actually happens. Is it possible to renegotiate the selling price after a contract…
Hi – We went to contract on a house (before the markets tanked) with plans to close in January / February. I have heard people talk about “renegotiating the contract” but I’m not exactly sure what people mean, or if that ever actually happens.
Is it possible to renegotiate the selling price after a contract has been signed? If so, any tips on how we might go about renegotiating?
In a recent post on this forum a user suggested a buyer scheduled to close later this month could ask the seller to cover some fees or throw in some perks (like appliances). Has anyone heard of this strategy working? Any tips?
Thank you!
I got my seller to knock 10G off the negotiated price for some plumbing work I needed to do. That kind of thing might result in a little movement downwards.
there was an article in this week’s New York magazine on this exact topic. Renegotiating may be something as un-connected as asking the seller to pay for past due assessments for new windows. In the article, the assessment was 20,000 and the seller agreed to apy it. previously, no way. Now, sellers are looking to keep the deal going. Good Luck.
What’s your leverage? You would only have leverage to renegotiate if you threatened to walk away leaving your down payment behind. (And risk them happily saying yes thanks, we’ll keep your deposit and put the house back on the market in a couple years.) You also need them to agree to it too. You can’t just decide on your own to walk away because they can sue you if you away in escrow, even when the seller does get to keep the down payment. That happened to the sellers of a house I bought before. The original buyers broke the contract, and while I was buying the house, the sellers were in a lawsuit with the other buyers who then desperately tried to get back in and buy the house but the sellers wouldn’t let them.
A downside in this nervous atmosphere where buyers are backing out in the 11th hour, properties will be actively shown by the sellers even when a buyer is doing an inspection and has an accepted offer. They’ll only stop showing the house when the contract is signed. That’s totally what I’d do if I were selling. Buyers should anticipate that.
DOW8000SP800 you anit seen nothing yet. The Asshats are finally getting it and I hope these people have a good Lawyer.
BTW Did you hear Bernanke speech today.
Bernanke Signals Fed May Cut Rates as Crisis Deepens
http://www.bloomberg.com/apps/news?pid=20601087&sid=aA7fGYWlJLp0&refer=home
Oct. 7 (Bloomberg) — Federal Reserve Chairman Ben S. Bernanke signaled policy makers are ready to lower interest rates as the credit freeze worsens the outlook for U.S. economic growth and as inflation concerns wane.
“The combination of the incoming data and recent financial developments suggests that the outlook for economic growth has worsened and that the downside risks to growth have increased,” Bernanke said to the National Association for Business Economics. “At the same time, the outlook for inflation has improved somewhat, though it remains uncertain.”
Translation: We are really FUCKED to the million power! Get me the fuck out of here come January!!!
Yep the Asshats are fucking barfing now, smells like napalm…
The What
Someday this war is gonna end..
Wow! This growing trend is becoming a complete mess. But it’s the opposite of sellers playing their dirty tricks during the good ole days when higher bids came in at the 11th hour. The chickens are home. It’s a low-ballers market. You got the drop on them, so it appears. Lawyers, speak up!
I would reccomend speaking with your broker an or attorney for advice….probably start with your attorney to see what can be done with executed contracts….