Hello, if you made an offer on a property you have every right to rescend your offer and change it because you are not under contract. But, be very doing this because if you don't play your hand carefully you could lose the house. So with that in mind, you need to find out if the listing agent for that property is the one that made the price change and why. Also, you need to know if the seller is aware that the agent dropped the price. Now if the seller authorized the agent to drop the price, you should print out the ad where you seen the price change and present it with your new offer.

But you should know that if you change your offer to a lower number the seller now has no obligation to accept your new offer or accept the old one. So if you really want the house you should think twice about taking this risk with the seller.

I hope my answer helped you.

Rhonda Holt
Full Time Top Sales Agent
Weichert Realtors, H.P Greenfield
Brooklyn, NY 11234
Cell: 646-725-5941
Email: HelpMeRhonda1919@yahoo.com

What is the status of your offer? Was it accepted? I assume not if they dropped the price. If they dropped the price, they probably weren't getting what they wanted, including your offer, so lowering your offer still keeps you further, not closer, to what they are looking for.
But the technical answer is yes, until you have a signed contract, there truly is no deal yet and therefore you can submit another offer.

Jenet Levy
Halstead Property
jlevy@halstead.com
(212) 381-4268

Dear Ladyj:

If you are not in contract you can basically do whatever you want. You have to ask yourself two questions: 1) Do I want the buy the house? and 2) How much do I feel this house is worth?

If they lowered the price to a level that is below the amount you offered, then I would strongly consider lowering my offer because it basically indicates that they are willing to take less. However, if they lowered the price to an amount equal to or greater than your offer you may want to just move forward and make the deal.

I have been practicing real estate in Brooklyn for over 17 years now and in my experience when I represent a seller we continue to show a property until the house goes into contract. If over the course of time we are not getting the numbers we want, and especially if there is quite a bit of flexibility in the asking price, I would normally recommend that the seller lower their price and be more firm as a new strategy. There have been many times where the day we decided to lower the price happened to be the same day that an offer came on the table and those buyers may not have been aware of the price change.

Ultimately, the asking price is merely a guideline, as a buyer you need to determine how much you feel the house is worth and offer accordingly. Just because the price was lowered wouldn't or shouldn't change your opinion of the homes value. it is kind of a moot point.

On the opposite side of the equation, I have had times where a seller would get the number they want real quickly and then start to think that they could get more and then want to increase their price. This is a mistake, I always tell them that had the price been higher we may not have received the offers that we did because buyers are perceiving our house to be a good deal. At a higher price this may not be the case.

I have also witnessed times where a seller would accept an offer and the buyers drag their feet or play games and the seller lowered their price in an attempt to find another buyer who would move forward expeditiously. There is added value in a buyer who is willing to move quickly which may entice the seller to even accept a little less. This is one of the reasons why all cash offers are attractive to sellers.

In closing, the asking price is merely a guideline. Some houses sell for more than the asking price and some for less. All you have to worry about is how much you feel the home is worth and offer accordingly.

If I can be of further assistance please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com

Offers are not binding until contracts are signed by both parties. You can reoffer, change your mind or whatever till you sign contracts.