Home Buying in Michigan>Question Details

Rosalind, Other/Just Looking in Saint Clair Shores, MI

We have a bid on a house with the contingency that we sell our house. We have thirty more days on the

Asked by Rosalind, Saint Clair Shores, MI Mon May 5, 2008

agreement. The seller has now lowered the price $10,000 less than what we bid. What can we do now?

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Rosalind you need to contact your agent quickly and see if the seller will accept another offer. If your home sells and your contract is higher, you will be purchasing the home for that amount. Unless it is spelled out somewhere in your purchase agreement. Talk to your buyer agent & or listing agent and see if you can reduce your price too. As you know the market is moving slow and the seller's agent is just doing their job to try and get the home sold.
1 vote Thank Flag Link Mon May 5, 2008
The pressure that all sellers are under to sell their properties should allow your agent to renegotiate the terms under your contract to satisfy all parties. Remember........"buyers are golden and they have lowered the price because they have no buyers.........and 'YOU ARE A BUYER'........WHICH THEY DESPERATELY NEED!!!!!"
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1 vote Thank Flag Link Tue May 13, 2008
Rosiland, I wish you the best in getting this home. Please verify with your agent whether you should lower your price before renegotiating your contract. Hopefully, your agent was the one that informed you of the price decrease.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Mon May 5, 2008
Rosalind,

My advice would be the exact same as Missy's. As long as your house isn't sold, or at least as long as that contingency isn't removed, it is a moot point. If you can remove that contingency, your Buyer's Agent will likely instruct you to do so with a re-negotiated sales price. If you can not, figure out what needs to be done to get your home sold, while simultaneously renegotiating.

Interesting situation. Wish you the best!
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Mon May 5, 2008
Renegotiate the contract, lower the price on your home and get it sold. If you sell yours, then you can probably get a lower price on this one. Trade your negative equity. Call you Realtor they will be able to advice, speak to your lender.
0 votes Thank Flag Link Mon May 5, 2008
Rosalind - I hope you are working with a buyers agent and that is who I would turn to now. I imagine the sellers are reducing their asking price so that they can get this home sold. If you were able to move forward now and purchase this home the sellers would probable renogtiate with you. I think the question is are you doing everything possible to get your home sold so that you can buy the next one? Talk to the agent listing your home and see what other ideas they have for getting your home sold soon. Make sure it is priced as competitively as possible and that is shows well.
0 votes Thank Flag Link Mon May 5, 2008
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