Legal Question in Real Estate Law in Nevada

House value decreased after closing

I recently purchased a home and noticed a few weeks later that the purchased price decreased by $15,000. Am I entitled to any of that savings in a given time period?


Asked on 9/26/06, 6:07 pm

1 Answer from Attorneys

Rick Williams Law Offices of Frederick D. (Rick) Williams, Chtd.

Re: House value decreased after closing

We would need further information about the transaction. Were you represented by a real estate licensee who presented the property to you from an MLS listing? Did you then discover that the listing price had been reduced prior to you writing an offer? If that is the case, your agent may be on the hook for failing to notice that fact and bring it to your attention.

On the other hand, if you are talking about buying a new home from a builder, who subsequently dropped the price, you likely wrote an offer at the price that was applicable at the time you signed the contract, and you are contractually-bound to pay what you offered. If this is the case, you might try to renegotiate a bit to recover some of the dropped price, but don't count on any good result. After all, you offered what you thought was a fair price at the time, right? Why should you not be held to that offer?

If your dispute is not one of these two scenarios, though, the answers will likely be something completely different. We just don't have enough info really to advise you.

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Answered on 10/02/06, 7:33 pm


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