Have You Ever Backed Out Of An Offer And Wrote A New Offer?

[Mike Schorah]

Have you ever backed out of an offer and wrote a new offer based on new information?

For example, maybe you made an offer that was accepted then took a contractor in with you and it ended up being a higher cost than you estimated. Then consequentially wrote a new offer that reflected the increased cost?

[Dwayne Poster]

it will depend entirely on your contract wording. If an accepted offered has such conditions for the benefit of the buyer, they may well be able to either renegotiate the price, based on discovery, or collapse the deal. I have done such on several transactions. I have seen some area contracts that limit the amount that can be negotiated. Again, its contract wording that provides your answer.