Didn’t negotiate the price of a home.

[Michael Acheampong]

I'm in the process of buying a home (house hacking SFR).I made an offer contingent on walkthrough and inspection, the seller was out of town so I made the offer with the goal of seeing the house when the seller gets back.

I offered the full price and seller is paying realtor fees.

I got a chance to see the house and it’s a house that I’m interested in but I feel like it’s worth less than what I offered by at least $5-$10k.

I had been searching for a while and didn’t want to miss out on that one so I offered full price which looking back I don’t think it was smart to do.

Can I make another offer after walking through with a reduced price? my realtor don’t think it’s a good idea since we already offered full price and tbh he’s all about making his money so I don’t really take a lot of what he says into consideration.

Or should I wait till appraisal comes back and decide the actual value of the home.

Can lenders potentially rig appraisals to get u to buy a home even though appraisals are done by third party organizations?

It needs some paint work can I offer reduced price based on that? Or should I wait till appraisal gets back?

Thanks for taking your time to answer my question.

[Theresa Harris]

@Michael Acheampong  You should have viewed the home before making an offer-at the least had your realtor walk it with you on video for the tour.  You can do anything you want, but offering a lower price because you viewed the home AFTER making an offer and feel it isn't worth as much is not a good idea. You should have done your homework before you made the offer.

If the appraisal comes in lower or if the inspection reveals some larger items in need of repair, use those to negotiate a lower price. You made an offer which the sellers agreed to in good faith, you need to stick to it.