Re-negotiating with a Ratified contract on a foreclosure....

Profile picture for lovergirl654
We have a ratified contract which was ratified on 7/19 for a foreclosure in the amount of $150K. We won out on a multiple offer situation. They gave us 5 days to do the inspection of which we did yesterday and found numerous issues that would make our initial offer amount of that $150K impossible with about 46K of work needed. Therefore, we want to renegotiate down to $125K. I know this is usual with regular home sales, but with foreclosures and banks only thinking profit, is it possible for them to go down this much or at all? What is the likely hood of this happening?

FYI - The owner is Chase Home Mortgage.
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July 22 2010 - District Heights
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Answers (3)

Profile picture for Jamarc
Having been in that same situation here in TX, unless it is stated in the contract that you cant, you can get out of the contract but they normally will NOT renegotiate.  May I ask why you paid so much more than the asking price for a foreclosure without actually looking at every aspect of the house.  You can see almost everything the inspector sees before you even get to that point.

Good Luck with everything.
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July 22 2010
Profile picture for GreatRateFolks
Sounds like you are in uncharted territory, and they have every right to terminate the contract and move to the next contract in line.

Let us know what happens!

Jim, HSOA.
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July 22 2010
Profile picture for lovergirl654
Also, FYI - The initial asking price of the home was $122K, we offered 28K more than asking and are now trying to reduce to 3K over asking.
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July 22 2010
 

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