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Updated almost 8 years ago on . Most recent reply
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Renegotiating a deal
Hello BP!
I recently got a property under contract. I had the inspection done and some unforeseen issues were discovered--nothing huge, but things that will have to be addressed before I can proceed with my original plan for a value play.
I want to renegotiate the contract but don't want to lose the deal. My question is this: if I begin trying to renegotiate, will I then lose the right to close on the deal at the original price? I ask because I am willing to pay the agreed upon price (resist the urge to tell me that if I'm willing, that I should just close) and don't want to muck this up by trying to make a good deal into a better one. At the same time, the inspection revealed some things I hadn't expected and the place is now worth less than I previously thought. After having seen a copy of the inspection report, I hope that the seller will agree with me.
A bit of background just in case: this will be a 24-unit, under contract for $850,000, scope of investment needed to address newly-discovered issues is $15-20,000.
Thanks in advance for your input!