Legal Question in Real Estate Law in Michigan

New home builders contract

Last year intered into a contract for a 300,000 new home with 20,000 into construction. The home value plummeted at an appraisal of 260,000. Am I bound by the contract or can I still negotiate down. Thanks.


Asked on 4/16/09, 9:57 pm

1 Answer from Attorneys
Renee Walsh LawRefs Nonprofit

Re: New home builders contract

You should be bound by the contract. However, in this market with the fear that you could default and file for bankruptcy, you may have some leverage.

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Answered on 4/16/09, 11:28 pm


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