Asking builder for lower price of already signed contract?

I have a signed contract with a semi custom builder located in the south (i don’t mind sharing the name but not sure if mods allow). Price is approx 700k and estimated completion date is Sept 2022. With interest rates rising and cost of living going up, we’re seeing lots and house starts in the neighborhood and overall area in general start to sit longer than they had been previously. The builder used to do about 2 homes per month in this neighborhood. I haven’t seen a new contract signed in about 3 months.

I’m thinking of waiting until August and then asking the builder if they can lower the price by approx 25-50k. Not sure if I would walk away if they said no. The only thing i would lose is my downpayment if i walked away, which is approx 35k, not a huge loss if real estate as a whole drops and I could buy the same house for cheaper in 6 months or so. Has anyone ever had success doing this, possibly around the beginning of covid?

submitted by /u/fmeowmeow123
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I have a signed contract with a semi custom builder located in the south (i don’t mind sharing the name but not sure if mods allow). Price is approx 700k and estimated completion date is Sept 2022. With interest rates rising and cost of living going up, we’re seeing lots and house starts in the neighborhood and overall area in general start to sit longer than they had been previously. The builder used to do about 2 homes per month in this neighborhood. I haven’t seen a new contract signed in about 3 months. I’m thinking of waiting until August and then asking the builder if they can lower the price by approx 25-50k. Not sure if I would walk away if they said no. The only thing i would lose is my downpayment if i walked away, which is approx 35k, not a huge loss if real estate as a whole drops and I could buy the same house for cheaper in 6 months or so. Has anyone ever had success doing this, possibly around the beginning of covid? submitted by /u/fmeowmeow123 [link] [comments]

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