Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I just wanted to add that there's plenty of incentive for the seller to keep your contract alive. If you walk it will cost him time and effort to sell the property to someone else, and he'll likely get a lower price for his trouble. So he absolutely should be motivated to negotiate with you to avoid a cancellation.
Write down several different scenarios for negotiation purposes.
Example:
Scenario I: Builder drops price in accordance w/ properties presently being marketed.
Scenario II: Builder drops price $10,000, upgrades landscaping to include (xx - list items) and upgrades the following: (Make list, i.e. upgrade on floors, as described, upgrade on lighting, as described, etc).
Scenario III: Contract price remains same, but builder upgrades kitchen and bath cabinets to xxx (describe upgrade) and adds xx (describe in detail).
Make appointment w/ builder . . . best to do face to face, if you can. Know exactly what you are willing to suggest - and see how he reacts. All he can say is NO. Your recourse - ??? I don't know what your contract states or how much $$$ you have in this deal already . . . so you have to weigh that out.
Everything is negotiable. Whether you will be successful - who knows? Like so many things in life - nothing ventured, nothing gained.
You've already negotiated what you thought was a fair price. I don't think it's fair to the builder to ask for a reduction and I don't see how you could get out of your contract over that if he's provided everything he promised you.
You've already negotiated what you thought was a fair price. I don't think it's fair to the builder to ask for a reduction and I don't see how you could get out of your contract over that if he's provided everything he promised you.
I said I had nothing to add to this thread but this requires a reply.
This is just about the lamest, dumbist, advice I have seen since someone suggested I vote for the "O" man!
I have a friend whose parents built a Shea home in Fort Mill. Shea dropped the base price on their model 40K just after they closed, and they were sent a check - without asking. I would definitely ask the sales person, and I honestly don't see any reason why they wouldn't work with you.
One other question here is the base price dropped 20K, did the house standard drop.
I know one local builder has 5 different levels of base price for the same house, the difference is what comes as standard.
I would suggest have a friend go in as a prospective buyer and see what comes standard with that. That will give you a better understanding as if everything is the same I would really ask for something as in some money off and something like landscaping.
Then the other question how much do you love the house and are you prepared to walk a way.
Compared to todays market we overpaid for our house by approx 20K, but as I don't have a crystal ball I could not have forseen the market goign the way it did.
It also never hurts to ask, we had problems after we moved in with our countertop, this has now all been resolved, but by me asking I got a $1000 tiling job done for free. I really did not expect them to agree but they did.
Maybe instead of an actually price adjustment you can request upgrades. For instance sodding the entire yard. Obviously you are limited as the house is almost done. Have they put in carpet yet? You can certainly upgrade there. Good luck to you. I don't think it is a bad thing to try. After all they are obviously not selling very well. They certainly don't want your house sitting there as inventory.
I think this is your best option.
Go in first, be friendly, not angry. Talk about the price adjustment, see if there is anything they can do on your price (it may effect your loan etc). If they can't, ask for upgrade options. If this doesn't work, you can play hardball. It's 20K, not $20. What does your contract say you lose if you back out?
I can relate. When I lived in Richmond, VA, I bought a townhouse (from Ryan Homes). Within 6 months, they dropped the prices by $50,000 - $80,000. As if that's not bad enough, I got laid off from my job and had to sell my place after having it for only one year. Since they couldn't sell the new construction and had dropped the prices way down, I lost $80,000. Fortunately, I got another job (moved to Charlotte) and at least my house didn't go into foreclosure.
When builders cut the base price, they also usually cut some included features. Basically, it's a marketing ploy to get buyers in the door. It give the perception that you can get a great deal on a house, when in reality you are just getting the same house, but with fewer bells and whistles. So the chances are that you have more features included in your house than what is now offered at the reduced price.
But it never hurts to ask, in this market, builders are negotiating like never before. So you never know.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Where do they come???????????????/
