After signing a sales contract can buyer come back three weeks later and says they puchase the house in cash if the seller gives them a reduced price

Asked by Dennis, Huntington Station, NY Fri Oct 14, 2011

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Mark Anthony LoCorriere’s answer
Mark Anthony…, Agent, East Setauket, NY
Fri Oct 14, 2011
The Question: Are we negotiating? The Answer: always. Stands true here as well. Yes, the contract you have for the original price agreed upon is valid, and enforcable. But, If the buyer seeks to modify the contract with diferent terms that may be desirable for one or both parties involved. The seller can accept or deny the request. if the seller accepts the request, then the original contract must be amended to show the specific changes and signed off on again. If the seller denies the reguest, then the transaction continues foward with the original terms, which both parties are bound by. However, you should always consult your attorney.
1 vote
Richard Bre…, Agent, GREENWICH, CT
Fri Oct 14, 2011
Sure why not! He can also say no. Why would cash make any difference to the seller. If your mortage contingency expired or your loan was denied that might entice a seller to lower the price after having a signed contract. Another reason would be items on a inspection that you were not aware of and would cause you to walk away.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Oct 14, 2011
If you are in an executed contract, signed by all parties, do consult with your attorney before accepting any new deals, he/she can better advise....
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Fri Oct 14, 2011
Yes, they can ask and you can say no. As DP2 said, there can always be more negotiations requested up until the day of closing, but you have a legal contract and those terms are firm. You can change them any way the two parties want --- as long as you both agree.
0 votes
Dp2, , Virginia
Fri Oct 14, 2011
Actually, this might NOT be a new offer (especially if one countered using an addendum). Also keep in mind that negotiations can--and often do--continue until that deal closes.
0 votes
Charlene Wes…, Agent, Valrico, FL
Fri Oct 14, 2011
Good Morning Dennis.

Did you and/or the buyer use Realtors? What about your attorney? That seems pretty odd that they would do that. If they built some type of contingency into their contract, it may be difficult to get them to perform, but they may risk losing their deposit as well. Definitely consult your attorney and have him/her reivew the terms and conditions.

Best of luck to you.
Charlene Weston (Cobelo)
Smith and Associates Real Estate
0 votes
Abu Musa, Agent, New York, NY
Fri Oct 14, 2011
This is consider as a new offer.Buyer and seller can work it out together.If not sales contract is valid.Good luck.
0 votes
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