Can I renegotiate an accepted offer?
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Can I renegotiate an accepted offer?
I accepted a house sale contingency 10
months ago. The prospective buyers moved in
a they needed to settle children in school, b I
needed my house looked after, c I needed
income.
In that time, the market value has increased. I
should have insisted on more based on its
historical value. They have recently accepted
an offer on their condo, but havent settled with
the contingencies. There is also the issue of
furnishings I left behind no choice.
Our closing is set for early June. Please help.
Asked on May 6, 2019 under Real Estate Law, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
You can ask to renegotiate, but have no right to do so (i.e. the buyer can simply refuse) as long as the buyers are honoring all their important ("material") obligations: whether or not the market has changed or you should have asked for more, you accepted an offer, entered into a contract, and therefore are bound to it. Only if the buyers breach their obligations under the contract would you have leverage, since a material breach by one party gives the other party the right to terminate the contract if he/she chooses--so if they breach, you could ask for changes in the terms and if you don't get them, terminate the agreement. Material breaches by the buyer are, however, mostly limited to not paying what they should when they should, so if they have paid everything to date they should and can close on time, you will not be able to do this.
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