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02-23-2009, 10:26 AM #1
Renter
- Join Date
- Feb 2009
- Location
- Virginia
- Posts
- 9
Advice on renogiating purchase price....
I wanted to get some advice or thoughts on how much power I control after we signed an agreement for building our new house and we want to renogiate the purchase price to take into account this economy/market. When we signed the agreement about 8 months ago the house was probably worth that, but now with the economy and the housing market the house is obviously not worth that now. It is still being built (probably a good month away from completion) and we are still trying to sell our house. I am very worried to purchase this house and then get laid off by my job and have to be forced to sell it. Which I imagine I would take a BIG lose if I had to sell it because of that....especially if we are talking 3 or 4 months into living there. I know the builder is in financial trouble right now but I am not looking to take advantage of him, just lower the price by around 40 or 50K. That way if I have to sell for some reason I can at least get closer to what I paid for it. I know for a fact the builder is trying to get rid of two spec homes he has built for COST in the neighborhood. One family in the neighborhood has only been there a few months and has to sell because of the market/economy. And they have already dropped there price 10K in the last couple weeks because they need to sell quick. What should I do?
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02-23-2009, 12:36 PM #2
Condominium
- Join Date
- May 2007
- Location
- Minneapolis, MN
- Posts
- 138
Approach the Builder
I would approach the builder about your concerns. You probably want to make your situation sound like you are concerned about your ability to close on the property due to the current market valuation and your changing financial situation. If he thinks there's a chance you won't be able to close at the current price he'll likely be willing to discuss dropping the price a bit. Keep in mind however that there is a good chance he isn't making much more than $50k on the house; if that's the case I doubt he is going to build the house for free.
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