Hi
l have signed a contract to buy a new development property in Warm Springs, Fremont and now they are selling other properties in the same complex for lesser price (25K less). Is there any provision for me to renegotiate the price. Its more than 4 months since l have signed the contract. Do l have an option to back out without loosing the deposit. There is nothing specified in the contract regarding the price change in the contract. Regarding the cancelling the contract withoout seller is default, buyer will loose the 3% percent deposit. Is there any loophole or a chance to cancel the contract without the loosing the deposit.

I am also afraid that, the property may not appraise for the price l have paid when it gets closing during Mar 2009.

Buyer

If the property had increased in value, would you be here asking if you could give the profit back to the builder. l am guessing not.

You have a contract. The price has changed. There is no loop hole.

However, when prices have decreased in our communities, we have gone back and given the difference to the homes under contract. If they will not do this, ask for a deck or upgrade.

There is no way to get out without paying the 3%, this is what you agreed. If you wanted a loophole you should have added it in the beginning, too late now.

If the house does not appraise for your loan amount in March they will have to adjust the price. You would not be penalized.

No one here can answer you question without reviewing your contract, and that is something better left to legal counsel. Have your contract reviewed by a competent real estate attorney.

if a bank loan for 80% is part of the contract.you can cancel and get money back. 4 mos ago real est. was going down hill. were you sleeping.