Renegotiating at closing time

By Lisa Abramowicz | December 03, 2008 12:52PM


From the December issue: Now that buyers have the upper hand amid a weakening New York City real estate market, they are using increasingly aggressive tactics to drive down apartment prices. The latest move: renegotiating an apartment’s price after having already signed a contract and placing a down payment in escrow. Buyers, keen to the fact that the city’s real estate market has grown substantially weaker in the past few weeks, have responded by generally angling for additional discounts and perks in all stages of negotiations. And while many have taken more demanding stances during initial discussions, others have tried to tweak agreements that in past years would have been considered set in stone.


Comments are closed.