Deposit on New property can I renegotiate.
Hello All,
I live in the East Coast of the US and have a deposit for a new property for the past couple of months. It is contingent upon signing a guaranteed lease that the builder offers for my existing property. Few things have happened since.
1) Deposited $10K in May
2) They were forcing me to use their lending company (slightly higher interest rate)(felt as if they were trying to outsmart me)
3) Could not agree to terms of the guaranteed lease
4) Qualified for financing from elsewhere at a slightly better interest rate
5) My delivery date has been pushed back to end of February
6) Home prices have fallen and they are giving incentives ($100K off) on their other properties.
I would like to know if it is possible to renegotiate the selling price for the property. I would be crazy to buy at a price higher than present value.
I would be grateful for any suggestion.
Jr. Bond.
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