Legal Question in Real Estate Law in California
Pricing reduction for no reason
Dear Attorneys,
I have purchased a new house from a Construction company in California. I finalized my purchased in November. In the mean time, the market has leveled a bit, but has not suffered any decrease--name removed--all. My concern is that I purchased a house for 560K and now they are selling for 490k. No other construction company has lower their prices--name removed--all since there is no depreciation.
They state that their prices are justified becasue they just lowered the qulity of the products. I cannot believe that they can justify a 70K decrease. They told me that the prices will continue to go up on each release...I was worried about the market and they told me the markey was still strong and the prices would go up..now the market here has not suffered any decreases...
I feel robbed. I put all my effort in buying this propery and I certanly do not like this decrease.
Is there anything I can do?
2 Answers from Attorneys
Re: Pricing reduction for no reason
Your situation seems little different from that of a guy who buys a $30,000 ATV two days before GM starts offering $4,000 rebates, or a round trip to New York six hours before the same seats go on sale for $199. Prices change to reflect the market. Even if there were no quality change, it's hard to see anything illegal or even improper or unethical here.
Re: Pricing reduction for no reason
You have not described anything illegal or unethical. Your transaction involved a willing buyer, a willing seller and a negotiated purchase price. Whether or not they lowered the quality, the seller can lower the price if the market won't support a purchase price equal to what you paid.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
