negotiating after talking to others, right before close?

8 Replies

So I'm under contract on a 2b 1Bath condo near where i live in Charlotte. i close next Thursday with a cash close. i went to HOA meeting last night and all but one person there was an investor and they were telling me about the deals they had gotten on there units with two of them being just last month. they told me i should offer again lower. but I am under contract and closing next thursday.

    should I get an appraisal done and use that to last minute offer lower price?  they assured me that ill come in less than my offer but you never can tell.   

It depends, if you have a accepted offer and all conditions have been removed the deal is done. You are legaly bound to the purchase price. If you are still in negotiations then you are free to make a counter offer.

If you are already under contract and have all the subjects removed, the only option is to walk away meaning you lose your deposit.  The time to find out prices for recent sales was when you put in your offer.  If you used a realtor, hopefully you did, they should have shown you comparable sales.

You should also ask what condition of their units was like compared to the one you are buying as that along with location (end unit, better view, ground floor) can also impact the price.

I guess its done :( .  its still a good deal,  just not as good as others have gotten.  well if nothing else its a good learning experience and the next one ill attempt to find a little more info.   

Originally posted by @Theresa Harris :

If you are already under contract and have all the subjects removed, the only option is to walk away meaning you lose your deposit.  The time to find out prices for recent sales was when you put in your offer.  If you used a realtor, hopefully you did, they should have shown you comparable sales.

You should also ask what condition of their units was like compared to the one you are buying as that along with location (end unit, better view, ground floor) can also impact the price.

 yeah they actually showed me pictures of there units and they were as nice or nicer than mine.  all units are ground floor and the building are in a horseshoe type shape so not really an one better than another.  like i said it was a good learning experience and the purchase is still a 1.4% rule . so i should be happy and just learn from this on how to be even better in the future. 

They should have given you advice on your offer price.  I bought a unit a few years ago and the market was on the rise.  People who bought a unit in the same complex a few months after me paid $10-20K more than I did because of the market.

You have the right attitude.  We're always learning.

Originally posted by @Thomas S. :

It depends, if you have a accepted offer and all conditions have been removed the deal is done. You are legaly bound to the purchase price. If you are still in negotiations then you are free to make a counter offer.

Thomas in the states normal RE contracts have whats called a liquidated damages clause. which states if the  buyer does not close the damages are limited to the deposit he put down..  he is not legally bound to close.. just lose a few bucks.

Plus you can always ask and play some poker..  I mean people have done it to me over the years for sure.. 

Our fellow Russian investors up in Vancouver WA.. its one of their go to in their tool box..  My wife is a realtor there and there is a huge Russian community there and she / we have seen this quite often with them.. they still want to negotiate after the fact.