Financing in Gary>Question Details

Jennifer, Home Buyer in

can you change a cash offer if actual funds unexpectantly decreased?

Asked by Jennifer, Fri Aug 29, 2008

any ideas on coming up with the difference? or what other options do i have

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Depends on who is the seller (bank owned property) ? And if you are buying it to live in the house or you buying it as an investement. Your need an agent to represent you and negotiate with the sellers for you. Don't waste time. Explain the situation as soon as possible.
0 votes Thank Flag Link Fri Aug 29, 2008
If the offer hasn't been accepted yet, you can withdraw the offer and submit a new one.

If the offer has been accepted, then the best scenario is to attempt to negotiate with the sellers.

Other options include coming up with the money or backing out/defaulting on the contract. Check with a lawyer on the ramifications of doing so.

As for coming up with the difference, it partly depends on how much. In any case, though, consider friends and family. Or ask your Realtor to lend you his/her commission, secured by a second on your property.

Hope that helps.
0 votes Thank Flag Link Fri Aug 29, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
We do Mortgage financing, this may be your only option.
0 votes Thank Flag Link Fri Aug 29, 2008
Everything is negotiable. Flip side, they could say no and sue you for specific performance. Best thing is to address the issue asap. If you are paying cash, can you finance the difference if you have to?
0 votes Thank Flag Link Fri Aug 29, 2008
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