I am in the process, and building has already started, on buying my new home. I looked online today and the base prices have dropped by $60,000. Since I haven't closed yet can I get them to drop the price or am I stuck with it?
2007-06-29 05:20:24 · 5 answers · asked by hypno_tise 1 in Business & Finance ➔ Renting & Real Estate
you can always try
2007-06-29 05:35:01 · answer #1 · answered by s_uperdave 3 · 0⤊ 0⤋
Since it's already being built, I'm assuming that you have already signed a contract - if so, you're stuck with it.
Read your contract to see if there's any contingency there. If not, there might be something about what penalty would be if you just didn't close on the house.
For price changes, there has to be some cutoff. What about the guy who moved into his house 3 months ago - should he be able to claim back the $60K? And what if the price had gone UP that much - could the company have just expected you to pay the extra.
Your timing was bad luck.
2007-06-29 05:47:05 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The quick answer....you have signed a contract and are likely bound by it unless you have an outstanding contingency. With that said, the laws do vary by state and it will depend upon where you are located. If you have a minimal deposit, you may be better off to walk away if the price has dropped 60K already. Talk with the builder and try to negotiate. If you have a Realtor, seek his/her advice. Generally, builders refrain from dropping prices and the banks that own the land like to see prices increasing. See if the base pricing includes everything yours does. It sounds to me that there's more to this story than just a 60K price drop. If needed, consult a real estate attorney for advice.
2007-06-29 05:35:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sounds like you already have a contract, so you can't really renegotiate.
That said, it doesn't mean they wont be open to it, or maybe even throw in some extras.
How much was your earnest money? Typcially by contract, the only thing you lose by backing out is EM. . . but then I doubt they'd re-sign a new contract with you.
2007-06-29 05:27:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You are stuck with it since you have made a contract already. I doubt they will re negotiate with you. Lenders and Mortgage Brokers never lose any money but you do.
2007-06-29 05:33:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋