Home Buying in San Dimas>Question Details

Jason, Home Buyer in San Dimas, CA

On a new contruction home, if the base price drops since we left a deposit will our price drop also ?

Asked by Jason, San Dimas, CA Fri Aug 24, 2007

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Patti Phillips’ answer
Jason, You will need to negotitate with the seller. I know of a few people this has happened to recently, and the builder was happy to negotiate. After all, the reason they are selling the home for less $$$ is that there are less buyers, and they want to get them sold. "A bird in the hand"- you as a sure thing is better than you taking a walk! So, they will often lower the price- and/or give you more upgrades- whatever works for you.
Good luck!

Patti Phillips
800-680-9133
1 vote Thank Flag Link Fri Aug 24, 2007
I also agree with the prior answer.
Web Reference: http://www.centuryside.com
0 votes Thank Flag Link Fri Jun 6, 2008
If you didn't sign a contract you should be able to get the new price. I'm sure they don't want to loose a sale.
Web Reference: http://getprequalified.com
0 votes Thank Flag Link Mon Jun 2, 2008
Jason,
You may want to renogiate the price or back out of the deal (possibly lose your depost). Your contract should tell you what would happen if this type of issue occurs. Check with them directly.

Good luck
Charita King 562-276-8681
0 votes Thank Flag Link Mon Jun 2, 2008
It is sad that most people don't use a realtor when the go to buy in development due to this fact. They make it seem like that you don't need one. Depending on the terms in you have a 50/50 chane. How much did you put down is also important wheather you will want to walk away.
Web Reference: http://www.ganice.com
0 votes Thank Flag Link Fri Aug 24, 2007
Once you have entered into a contract the price has been set. If the builder is dropping the prices you will need to go back to them and renegotiate a price reduction. It is not an automatic. If you were represented by a Realtor talk with your agent. If they are not willing to reduce the price in some cases they may give you credits for upgrades. Good luck.
Web Reference: http://pamwinterbauer.com
0 votes Thank Flag Link Fri Aug 24, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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Not necessarily and I'd guess no if you don't ask. Ask your Realtor to help you renegotiate. There are several ideas your Realtor can give you to help ge the best price. One is working with the appraiser to obtain the real market value if prices have dropped. Depending on how your contract reads and how much money you have in the deal, if the appraiser cannot get the value, builder may have to drop price to allow you to get the loan. If you didn't use a Realtor, I'd suggest hiring an attorney. There's just too many variables to go at it alone. Are you using the builder's lender or financing? If so there is a better chance the appraisal will hit your contracted price. If you're using your own lender then you perhaps can encourage them to look out for your interest AND theirs.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Fri Aug 24, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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