Can I renegotiate an accepted offer?

UPDATED: Oct 1, 2022

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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
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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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