Price Change / "In Contrract"
Started by ukker
over 18 years ago
Posts: 1
Member since: Mar 2007
Discussion about
Question on terminology: With respect to a property that is "In Contract" and there is a price change, does that mean the Seller and Buyer has renegotiated the sale price or does that reflect the new market price for that property?
what do you care? its not your property so back the hell off
So much for the free and open excahnge of information and ideas...
are you referring to the listings here on streeteasy? Generally "in contract" means the contract is signed and the can no longer show the place, although they haven't closed yet. You don't know the final price until after the closing. For that info you can find it on www.propertyshark.com or here on streeteasy under 'recent sales'.
on new cons-they can make a deal and give you back 50k at closing and increase price by 30k-just as an example.
Contracts are binding, but properties are often listed beyond contract signing for two reasons:
1. Deals can fall through before closing (and legal realities make non-refundable deposits very refundable, for better or worse).
2. Developments and brokers like to shove sale prices that are NEARLY closed deals in potential buyers' faces so they can see the current going price of other properties, especially within the same building.