I have a deposit and a signed contract on a pre - construction condo. Seeing how the housing market is going is there a way to renegotiate the price or at least get some free upgrades ?
The cost of the condo is about $ 350.000.00 the deposit is $25.000.00. No mortgage is involved at this time.
2007-11-19 08:03:18 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Well, it depends on how your contract is constructed (no pun intended) and how much you're willing to fight. If you haven't brought it up to your Realtor yet, you should and see what they think (they know the ins and outs of the contract better than anyone on here offering advice). There's two things here, yes due to the housing slump they want to keep you and might be willing to accommodate some demands. At the same time, they're scared about losing money and probably unwilling to negotiate with what they see as a "sure thing".
I recently had a friend who had signed a contract on a pre-construction condo get out of her contract with no penalties due to the knowledge and diligence of her Realtor (they kept on pushing back the completion date). I'm sure they would have been willing to knock down her price or give her some free upgrades instead of having her cancel her contract.
2007-11-19 08:15:17 · answer #1 · answered by miss_nikki 5 · 0⤊ 0⤋
You can always ask - worse thing is that they will say NO. Don't get your hopes up too much though, since they already have you $$ and you signed a contract they technically do not have to give you more of an incentive. The changes of them lowering the price after contract is probably 1%
2007-11-19 16:14:19 · answer #2 · answered by sspice5757 2 · 0⤊ 0⤋
You signed a contract and are expected to live up to the terms of what you signed. Think of it this way. Would you be offering to pay the builder MORE if the market value had gone UP instead of DOWN ?
I suspect you would hold to the contract with firm jaws. It works both ways.
2007-11-19 17:36:52 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Once a legal contract is in place, the terms can only be changed by a contract modification that has to be agreed to between the offeror and the offeree. Unless there is wording in your existing contract relating to changing market conditions, which would be rare, it's pretty much 'cast in stone'. But, you can always ask.
2007-11-19 16:21:43 · answer #4 · answered by Unicorn43 1 · 0⤊ 0⤋