Assigned The Contract...Now My Buyer Is Asking For A Lower Price

[Matthew G.]

I

 have my first deal under contract. The buyer that I assigned the contract to had an inspection done and is asking for a lower purchase price. My questions are:

1. How would I lower the price? Just an amendment to the assignment agreement?

2. If I/we go back to the original seller, who would sign that amendment? Myself, or the Buyer that I assigned the contract to since I have assigned that contract?

3. Is it standard to lower the price like this? I feel like my price is still a pretty good deal, but I would be willing to work on the price a little. The buyer knows what my assignment fee is on the deal, so they know I will be making a decent amount of money, and therefore they likely want a larger chunk of the money. But I also realize that there is some work to be done I did not originally anticipate. I want to be ethical, but don't want to hand away money here for free since they know my assignment fee.

Any feedback would be greatly appreciated! Thank you.

[Curt Davis]

Once your buyer has spoken with the person you are getting the home from you have lost control of the deal.  In a normal assignment you only speak with the actual seller and your buyer only speaks with you.  If your buyer wants to get a better deal then you dont go back to your seller, you take a lessor assignment fee.  Remember, you agreed to buy the home from the seller for X amount.   All my assignments have been cash as is, never lowered the price.