Home Buying in 37067>Question Details

Sung Nam Kim, Home Buyer in Brentwood, TN

Request of Price Reduction after New Home Sale Agreement

Asked by Sung Nam Kim, Brentwood, TN Fri Nov 21, 2008

I signed for new home sale agreement and paid deposit. While the home is being built, the builder has built similer homes in the same subdivision and has sold them with much lower price than the home I agreed to buy. Is it possible to reduce the price after this new home sale agreement? If the builder does not accept our offer, will the only thing I will lose be the deposit?

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You will need to check the terms of your contract and see what it allows. If you have your own buyer's agent, have them meet with their managing broker with the contract and advise you accordingly. If you did not have representation (or the seller's model home agent wrote the contract for you), you will need to have a contract attorney look over the terms and see what is allowed. If you need the name of a good real estate attorney, I'm sure several of us can steer you in the right direction.
1 vote Thank Flag Link Sun Nov 23, 2008
There may be room to negotiate if you have the chance to discuss and substantiate your concerns with the builder directly. Brian also gives excellent advice; should the disagreement escalate – you’ll likely benefit from discussing this with an experienced attorney.
0 votes Thank Flag Link Tue Dec 16, 2008
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