I'm closing in on a wholesale deal that I might get signed. I started thinking ahead and had a question. How do I revise the purchase price in a Purchase and Sale Agreement?
For example, if I get an Agreement signed, then after walking the property I realize there are more repairs needed, I may want to reduce the purchase price.
The purchase agreement should have had a clause that makes the agreement dependent on inspection. If you want to reduce the price, you would have to modify the existing agreement with both initialling the changes or issue a new contract.
Thanks! So could I draw up an Amendment that says something like "we found _______ wrong with the property during inspection, so the purchase price is being changed to $100,000" and have both of us sign that paper? Would that be a good way to go about that?
No. I would contact the seller and discuss the situation. Once you both agree, then you can make the changes.