I have already made an offer on a house and it has been accepted, can I now go and offer a different or lower amount?

Asked by merydirect, Jacksonville, FL Mon Aug 6, 2012

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Nina Harris, Agent, Williston Park, NY
Mon Aug 6, 2012
Based on what I've seen it all depends on what comes up in the inspection report. If there are electrical, plumbing, termite, or roof leaks the seller has the option of correcting the issue themselves or offering a credit. If it is considered cosmetic and you would like to change something, it normally is a deal killer. For the most part, the price has already been adjusted according to condition of the house.
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Bill Eckler, Agent, Venice, FL
Mon Aug 6, 2012
If you have agreed to and signed and have an executed contract you are legally commited to that document.

With this said, prices can change depending on circumstances and conditions, during the sale process. But the seller has to agree to this adjustment. Inspections are generally the greatest source for contract prices to change. If the inspection reveals that there are numerous or big ticket items that need to be considered this can reinitiate the negotiation process....it can also be the beginning of the end of an agreement as well.

Good luck,

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merydirect, Home Buyer, Jacksonville, FL
Mon Aug 6, 2012
Thank you so much for your advise. The reason I asked is because I did not understand what the
comps meant that I looked at so I offered more than what I should have offered even though it was closer to what the seller was asking for the property.
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My NC Homes…, Agent, Chapel Hill, NC
Mon Aug 6, 2012
Offers are made in writing and once accpeted you have a contract. No you may not now offer a lower price. If you're not working with a buyer broker you've made a huge mistake. No one on line is going to be able answer all the questions you're going to have as none of us know what you agreed to and signed. If you went through the listing agent they should help but franly their advice is suspect as their representing the Seller.

If you don't have an agent go find yourself an attorney.
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Suzanne MacD…, Agent, Succasunna, NJ
Mon Aug 6, 2012
The simple answer is no, the owner offered to sell the house to you at a specific price when they advertised it, you offered to buy the house at a specific, probably slightly lower amount and they accepted your offer. That's it, negotiations are finished. Keep in mind also that the purpose of the home inspection is to give you a sense of the physical condition of the home, not ammunition to renegotiate the deal. Yes, if something dangerous is brought to light, or a health hazard is revealed you can ask for a concession but otherwise the home inspection merely says, "this is the condition of the house, do you still want it?"

Why do you want to lower your offer? You don't say here and it's hard to answer the question without knowing your reason.

So many times buyers think that because their offer was accepted, it was too high, Sellers think that if they get an offer too soon they listed too low. Neither is correct, generally. Finding a buyer quickly, or getting your offer accepted, means you have priced the home correctly, both buyer and seller have hit on the magic number.
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Michael Cheng, Agent, San Jose, CA
Mon Aug 6, 2012
Buyer's remorse? No, you can't do that. Back in the day, people dealt with each other like adults and honored their word. Then, as a few people started to flake, lawyers became a profession to bind people to their own word. That's why real estate transactions are now written contracts.

Now, if there's been a material change (like the roof just fell down), you could ask for a price concession.
Web Reference:  http://www.archershomes.com
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