is the price of a new house negotiable after signing the contract?

i've signed a contract for a new home in phoenix arizona back in january. now with the mortgage rate climbing and the housing market cooling (quite rapid here in phoenix), i'm worried the value will drop and i'll end up losing money. (the houses like the ones i looked at was going for less than 200 grand three years ago and when i signed the contract, the price was at almost 300 grand)(and when i get to sell the house later, i'm afraid i won't even be able to sell it for the price i'm paying which is 300K) Should I try to back out on the contract and lose the deposit, which is a whopping 5 grand, or should i just go ahead and close on this house even if i don't feel right? and is it too late to negotiate the price of the house since i've already signed a contract? it's a new home that's being built, so i don't know if a negotiation is an option at all.. but any experts out there, please help.. any advise will be greatly appreciated..

Public Comments

  1. no. you want to do that before you sign and close on the deal.
  2. no and its a bit late now pal
  3. If you signed a contract, do NOT back out on it. That is grounds for a lawsuit and you will lose. As terrible as this sounds, if the deal is finalized and the contract is signed the only way you can get out of it is if you are a minor or can prove that you were not cognizant of the terms of the contract upon signing it. The other party can allow you to renegotiate the terms of the contract but probably won't. If your mortgage is variable, see if you can change the plan to a locked rate which may be slightly higher now but can save you alot of money later. The housing market will grow again, in the next five to fifteen years alot of seniors will be retiring and looking for a house to live out the rest of their lives in. Their are alot of factors affecting the housing market but I believe that you will be fine overall, unless you are looking to make a quick sell. Grit your teeth and bear it.
  4. You r late . Better luck next time
  5. Unfortunately it is too late to negotiate if you've already signed a contract. I would make sure that you can actually back out of this contract, before doing so, if this is what you choose to do.
  6. I would have an attorney look over the contract before I closed. On the surface it appears that you are locked in but the contract has to be reviewed before you know for sure. The $5000 and a consultation with an attorney is not much compared to what you have to loose. Good luck.
  7. Usually the sale is contingent upon financing. Also, it might be possible to renegotiate the real estate contract if the builder feels it's in his best interest, too. Check with your attorney, then contact the builder.
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