Negotiate price reduction near closing (today's market)

[Lin Ding]

Hi BP community I'm under contract for a couple of months now. I found this house I like in an expensive market that I'm moving to in September. FYI This 2-family I'm going to househack and rent out the rent. At that time, the market hasn't had much adjustments. I got into the contract for $835K offer price from list $849K. Then we did the inspection in late September and found many issues big and small. So we got the seller agreed to another $15K seller concession towards closing. That was beginning of Oct. Since then the market has been changing more and I see price reduction happening around and also the interest rate has been rising. Now, we're almost December and we haven't closed. The seller has to work on something at the house that had an open permit because not up to code. The seller agreed to put money in escrow until that job is complete after closing. My question is can I go back to the seller and ask for more price reduction, like another $10K off the offer price before closing at beginning of December? How are you all negotiating w sellers now? And how do you know how much is enough and how to avoid yourself  catching a falling knife?

Essentially I want to know how to evaluate home value when market value is difficult to know in today's environment? (Appraisal can't be trusted)

Thank you so much!

Wish the best with your investing journey!

Lin

[Caroline Gerardo]

The seller can tell you to pound sand or make a deal, we cannot know what conversations and what your contract says. Your agent is not good. I'm guessing there are non permitted additions and county made them tear out rinky dink short cuts. At the point you realized this was a construction loan not a close in twenty days was the time to ask for a per dium allowance- with that sale price something line $400 a day. Your agent overlooked the negotiation opportunity at day ten and allowed seller to put this on the slow back burner and not execute.