Talking seller into lowering price after contract signed

[Christopher B.]

I got my first contract signed only thing is i think over-estimated the price, seller bought property for 45k last year and i got him under contract for 85k (he wouldnt budge at all! he wanted 95 at 1st)

i thought it be a good deal for a5 bedroom 2 bathroom house with only 30k in repairs needed

i made of mistake of not acknowledging that all the houses in similar condition with same # of br's sold for about 40-50k, my potential sellers are all looking at the recent transaction and see he bought it for 45k

have any of you been in a situation where u had to talk the seller down to a more realistic price after the contract was already signed?

his motivation to get rid of the house grew as the deal came across because i tried backing out multiple times and he wanted to try n make it work

[Dyna J.]

Originally posted by Jon Holdman:

You should probably just let this one go. You are in a contract WAAAY too high.

Agreed.

If the comps were only $40-50k and the place needed $30k worth of work; you would have a hard time finding a buyer. Now adding on top of that a purchase price of $85k and this whole situation just turned absurd.

Put on your nikes and run from this.