Tell them to stuff it! Values in the area are dropping at a rate of over 1% per month. Interest rates are going to rise wether we like it or not to fight all this new inflation being created. Home prices will adjust downward once demand further slips and monthly debt service becomes too high to keep up with. The brokers will say now is the time, well they always say now is the time, simply foolish!
Consult with your Lawyer, back legally out of the contract and know that you just saved yourself what would have been lost capital.

Unemployment is high
Jobs are still being lost at a feverish pace
RE prices are dropping
Credit is tight
Boom time prices are reverting to the mean long term trendline which is much lower from here
incomes are declining

Contrary to popular belief, this is not the time to buy. Recheck the symptoms of the economy this time next year to see how the patient is doing, and then decide.

And no you will not miss the bottom, house prices are relatively fluid, they do not spike or plummet in a month over month basis, unlike stocks for example, very jagged moves.

Please think twice before following the other sheep

Lynn,

This certainly sounds like you are involved in the middle of a very unusual purchase agreement. If you would like to give me a call at 561 308-0175 or send me an e-mail to tom@tompriester.com with the specific details, I would be happy to see if I was able to suggest a plan of action.

Tom Priester
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com

Hummm

If you have a contract, everything being correct, then both parties are bound to preform as the contract called for.

New additional buyers have no standing, if your contract is proper, as buyer is undercontact to sell to you and only you, as according to the contract terms, as the contract says.

They reason you need a lawyer, is you need expert advice as to what the contract says, and legal advise as to your recourse, and cost of same.

We Real Estate agents are not at the correct pay grade to give you more advise than - GET a LAWYER as your question involves quetions of law.

Would need to know all the details but generally if you have a signed contract by both parties then the purchase price on the contract is the contractual purchase price. They can not come back and start renegotiating the purchase price. Any changes to the purchase price need to be agreed upon by both parties.

What is the reason for the additional money? How far into the process are you? Perhaps they received another offer at a higher price.

YOUR REALTOR will be well positioned to help you here.

And as Ann and Steve suggest you need a lawyer, NOW!

The contract says what it says, nothing less, nothing more.

Lawyer is key for you, your Realtor can suggest a good one.

John

You should seek legal councel, It will truley depend on what your contract says. Find a good real estate attorney and let them explain your options to you. Generally speaking without knowing all of the details they cannot demand additional money without all parties agreeing.