revised contract for home purchase - Posted by Andrea Harkins

Posted by John Merchant on September 09, 2003 at 15:31:53:

Probably legal enough, if you’re not somehow conspiring with buyer to overstate the sales price on a HUD 1 form, or in any other way deceive FHA, HUD, FNMA, etc., which would be Fed fraud.

Certainly a contract can be renegotiated any time until it’s finished, but neither party has to permit or allow any modifications in a valid, existing contract.

If I were you I’d ask some pro, ( better a lawyer, in my opinion), to look at the buyer’s revisions so you can be sure you’re staying legal. Then your lawyer can again revise that revision so as to be absolutely sure you’re staying legal.

If you do ask your lawyer for help, you don’t have to tell the buyer your lawyer IS involved, and only you and the lawyer would know that…this is sometimes best so you don’t scare or spook the other side.

revised contract for home purchase - Posted by Andrea Harkins

Posted by Andrea Harkins on September 09, 2003 at 15:14:58:

We had a contract to sell our home to another family. We understood the contract to be final, except for some normal contingencies (obtaining financing, appraisal of the home, etc). Out of the blue the buyers submit a “revised contract” asking if they can pay the full price of the home and have us write them a check back at closing. Is it legal to be able to write a “revised contract” once there is already an agreed upon contract, and how does one protect oneself from further “revisions” to a contract. Is it normal to have a buyer request to pay full price for the home and then receive money back at closing?
Thank you.