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Ask for lower price after offer has been accepted?



As a first time buyer made an home purchase price offer what the seller has listed with inclusion of appliances. The offer has been accepted by seller first time itself. Is it right now to ask for lower purchase price of home?

=====ANSWER=====

Hello There,

Thank you for coming by my website and asking a question. I'm not sure you will get the answer to your question since you did not register your email address. So I posted it here in my blog.

The answer to your question about changing the offer that was accepted by the seller, well it depends.

Do you have a signed contract where the seller accepted your offer? If the answer is yes, then you are now obligated to pay the agreed price stated in the offer to purchase.

If there is no contract, well then I guess that is different and you could make another offer that is lower.

Sometimes when people make an offer and the seller accepted so quickly, your emotions come into play. You begin thinking, hmm...I wonder if I offered too much?? They accepted so quickly.

That is a normal reaction. But you really have to keep in mind the home buying process itself. A written contract can be enforced in a court of law if the seller wanted to enforce it if you are backing out.

You can lose your EMD (earnest money deposit) if you did that and face a lawsuit. Now to be perfectly frank, I've never seen a case go to court. Too many expenses and it's just not worth he trouble in many cases.

So hopefully this helps you.

Best Regards,

Jeff Ragan

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