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Buying or Selling a Home/what are the options
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Question
I am in contract with builder to buy a house, I already provided my mortgage commitment and now I found out that I paid higher price than other house. Other house was on sale for higher price than my house and that one is sold for less then my contract price and they also drop price for about $40000 for another unsold houses. I asked for certain things in the house and they already started working on it. Do I have any option for negotiation? or I really don't want to backout from contract. I already paid @20000 as deposit money. can they reduce some price for me?
Dear Mayurj,
You have a contract and it needs to be honored. I doubt that the seller would have agreed going in to the contract to lower your price if future sales came in at lower prices. It is sometimes unforeseeable and also a chance that you both take. However, if there is any language in it about the home appraisal you might be able to have grounds for a price adjustment if the home will no longer appraise for the price you agreed to pay. (Based on comps.) I think that the only thing you can do is have an attorney advise you on the contract and the way in which it is worded.
Best wishes,
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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