Hi. We signed the contract for buying a townhouse in Texas, which our lot hasn't build yet, since the lost has to sold 75% of the house, which is 4 townhouses...I just notice that they drop the price for the house than the one we have signed...Is it possible to get the lowest price or back out and do all documents again? Thanks
2006-11-28 15:58:32 · 4 answers · asked by jwong3854 2 in Business & Finance ➔ Renting & Real Estate
I would talk to the builder and the agent you worked with. If the price came down, and you are paying more than the value of the home, you may be able to get out of it.
Basically you need to know if you're buying above value, or if the other buyers are simply buying below the real value of the townhouse. Once you apply for a mortgage, it won't make sense for you to buy the townhouse above the market value.
Whether other people are getting a better deal is another story. They may be worried about sales, so they dropped the price. But again, it's all about value.
Also speak with the agent/builder and ask why prices have gone down. Tell them of your concerns, and ask about value. Check your paperwork to see what options you have.
Learn more about mortgage, credit, and finance at:
http://www.thetruthaboutmortgage.com
2006-11-28 16:05:38 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You signed a contract to buy the property for the agreed-upon price. The contract the builder established with another party to buy another property has no bearing on your contract. If you try to break the contract or back out, you will lose your earnest money deposit and probably get sued for breach of contract. Sorry. You can certainly ask the builder and the realtor but they're not legally obligated to change the contract at all.
2006-11-28 16:06:08 · answer #2 · answered by dcgirl 7 · 0⤊ 0⤋
You can ask the builder, but I doubt that they'll lower your sale price. If you do back out, the builder will in all likely hood keep your earnest money. They will not let you "do all the documents again" if you do back out. You'll just need to find another home that you like.
2006-11-28 16:48:18 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
No~ unless that exception is described in your contract- you are required to perform~ your end of the agreement - the market will always move in different directions- if the price went up would the seller be entitled to an increase?
2006-11-28 16:02:41 · answer #4 · answered by WriteAndWrong 2 · 0⤊ 0⤋