Got price reduction from Seller. Do I need to redo the contract?

[Jordan Belford]

Got my first deal! When we finally were able to walk through there was much more damage than the seller had described. They agreed to a 10k price drop. Do I need to have them sign a rewritten contract (with the same close date) or is there a price reduction agreement contract somewhere that would work better?

[Marcin Zajac]

@Ned Carey

You cannot make changes to signed agreement.

There are two ways to do it the correct way:

1) Create Addendum that says price has been changed to ...

2) Use counteroffer form to modify the price

Above needs to be signed by both parties and delivered to escrow together with the original Purchase Agreement.

Hope this helps.