Home Selling in 77008>Question Details

Shabs410, Home Buyer in New York, NY

my buyer is looking to extend the purchase contract date for the second time. Do i have the right to renegotiate the price since the market is up?

Asked by Shabs410, New York, NY Wed Aug 20, 2014

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I'm with Dan on this one. You can certainly re-negotiate anything as your new terms to extend the contract date........ but as Dan stated you could be opening a whole new can of worms. Sometimes a bird in the hand is better than two in the bush.
1 vote Thank Flag Link Thu Aug 21, 2014
Shabs,
You can try. If your current contract is about to expire, you can state the terms under which you're willing to extend it. Just realize that if the buyer is attempting to finance it, changing the terms may start the whole loan approval process again, likely postponing closing even longer.
If the buyer doesn't agree, or they feel they are being treated poorly, they may just let the contract expire and allow you to start over with another buyer, which isn't always as easy to find as it seems. Once a home has been off the market and it comes back on, people ask, "what happened" and get suspicious that there may be a problem with the house.
1 vote Thank Flag Link Wed Aug 20, 2014
Do I read this correctly? Since the time the purchase offer was accepted you believe the market has GONE UP and that is your inspiration to RAISE THE PRICE.

Wow!

Just HOW LONG has this offer been in place?
0 votes Thank Flag Link Thu Aug 21, 2014
Are you an agent representing the buyer? If so, why does the buyer need a second extension? Is he/she having trouble getting his/her loan approved? Is he/she having trouble getting his/her own home sold? I have had buyers who, for reasons beyond their control, needed to extend the closing date a couple of times and there was no question about the purchase price (because it was already firmly established in the purchase agreement).

But if you're representing the buyer, why would you want to (presumably) raise the purchase price? It seems that would be of interest only if you were representing the seller. Bottom line -- this question needs more info supplied before it can be properly answered.
0 votes Thank Flag Link Thu Aug 21, 2014
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