I recently put an offer for a home and I want to lower it after research homes are much cheaper in area can I?

Question

I just put the offer in I dont know if its been accepted yet? But I drove around the area and found that alot of homes within 1/2 mile radius are alot cheaper so I want to know if I can lower my initial offer? Please help!!!

Answer 1

Of course you can. Contact the Realtor through which you submitted the bid and let that person know that you want to lower the bid. Be prepared to have an annoyed agent who just might not want to deal with you any more but too bad. There are many other agents in the area who will be interested. That assumes that the seller has not signed the offer. Then it gets a bit sticky and you might lose your binder. However, you should always have a line in the bid that it is contingent on something else. We made a bid on a house that was contingent on the Engineer's inspection report. Once we got the report, we lowered the bid by 12 %. Since we had the proviso in the bid, we were able to get our binder back.

Answer 2

the changes between what you supply, what the checklist cost is, and what the domicile ultimately sells for varies extremely in diverse areas. in some aspects of california homes in many cases sell for better than the asking cost. in some aspects of texas there is a great number of room for negotiation. it purely relies upon on the marketplace. your realtor is able to tug up lists of properties that have offered interior the community the domicile you prefer is in, so which you are going to discover the asking cost and the advertising cost. distinctive realtors won't try this, tho, for concern that in case you recognize too plenty that's going to decrease into their cost. that's properly worth calling around to locate somebody who will try this for you.

Answer 3

no but once your offer has been accepted I think you have so many hours to firm up. Check with your agent.