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If the contract has been verified and signed off too, than you cannot make the change. Unless you come to a new agreement with the seller and agent that they agree upon. Too avoid situations like this, be prepared and know your maximum budget. Do not go way in over your head, but try to make an offer to which both you and the buyer can appreciate and work with realistically.
I agree with Syed that you cannot at this point lower the offer unless the contract has a provision for that. But you can ask for repairs unless your contract does not allow it. Many times the repairs are not made and the seller agrees to adjust the price. You need to carefully read the contract you signed to see what your options are and everything has to be done prior to the deadlines listed in the contract.
If you are using a real estate professional...ask them to explain all options to you. If you are not...you may want to contact an attorney who understands local real estate laws.
My response is slightly different from the other colleagues.
You offer to purchase was conditional upon Inspection (and likely, Financing). After inspection and before removing the conditions, should you discover some issues that will likely have financial impact on the total outgo from your pocket, you may give an option of either price reduction, giving the seller to fix the issues at his cost or else the deal is off. This is done as an amendment to the agreement of Purchase and sale. This however will hold good only if the standard home inspection clause that is recommended by OREA has been used.
Nothing is really set in stone before closing. You can request in writing to change the purchase price in lieu of repairs or other scenario. It doesn't mean the seller will agree to it, but it's worth a try.
Depends on the condition of agreement usually I put satisfactory inspection but that may hard to do at this pOint unless its related to financing and the appraisal but you could always ask everything is negotiable for long as its in reasons
As real estate practices vary from state to state (and country) try asking your agent. Here, we would submit a Resolution of Unacceptable Conditions asking the sellers to fix/repair some of the items on the Inspection Report. We have deadlines on when this is to be submitted by the buyer(s) and when the seller(s) must respond so this answer may be too late to help you. Hopefully, you spoke with your Real Life real estate agent in time.
As a Realtor qualified to sell in Ontario, I agree that you can ASK for a price reduction by way of an Amendment to the Agreement prior to the date in which conditions are to be met. The Seller does NOT have to agree and might not accept the Amendment. If this happens prior to the date in which conditions are to be met, your other choice is to allow the first offer to become null and void and allow a cooling off period. You could then resubmit an offer at the lower price. You run the risk of losing the home to another buyer so careful consideration and discussion with your Realtor is advised.
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