Renegotiate the house purchase price after signed purchase agreement???

 Hi All;

I live in Oregon. I'm buying a new construction house.  I signed the
purchase agreement last month and I was able to get $15,000 off the
purchase price (or 4% off on $400,000 house ). The builder is building
the house right now. The house won't be finished until May, 2008.

I visited other builders around the area in the last two weeks and I
notice that they are offering huge discount, for example $40,000-
$50,000 off the purchase price (again, home price is about $400,000,
so the discount is about 8-10%)

My question is can I renegotiate the purchase price with the builder
even after I signed the purchase agreement? If not, what are other
options I can do to ask the builder to lower the purchase price?

If the builder do not lower the purchase price, maybe I just walk
away. I will lose my earnest money, but that is not much compare to
the saving I will be getting from other builders.

Thanks in advance..

-Beaver

  In article


In life, everything can be negotiated.


Lots of folks are doing this.  They cancel the purchase deal,
lose their deposits, then negotiate a new deal, and buy the
house a 2nd time.  If you can save $50K, and only lose $15K,
you end up $35K to the good (as an example).  This isn't
exactly a strategy for winning new friends, but that doesn't
seem to stop people from doing it.

-john-

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John A. Weeks III           612-720-2854            john@johnweeks.com
Newave Communications                         http://www.johnweeks.com  
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 John A. Weeks III wrote:

  > Lots of folks are doing this.  They cancel the purchase deal,

I would think that this would be pretty hard to do if you owned the land
vs. buying a "custom" home in a development where you don't really own
anything until closing, more or less.

Either way, I think it would be HELL on your good will relationship with
the builder.  The on-site guys with hammers may not care, but you might
also get assigned every dumb apprentice & sub they employee plus have a
laundry list of minor stuff not done right.

 
Well, you can ask and they can say no.  If prices had gone up since
you signed the contract and they asked you for more money, would you
pay it?


Unless the contract gives you an easy out (giving up the deposit, for
example), the builder can come after you for the difference if the
next buyer offers less.  Breach of contract and damages.

 Was it a good deal when you signed?

After you go through all this, there will be a better deal... Almost bet ya.

If you balk at the deal, who knows what will happen to you house by the NEW
builder you sign with.

Be carful, or you may not make out in the long run.

I just bought a new truck. Guess what...  In just a few weeks, the price was
a grand less...