Renegotiate after assigned?

Is it possible to work out closing costs and who will pay what with a seller, and allow them to be re-negotiated by the new buyer once the contract is assigned? Closing cost info is typically in the offer, no?

How do you handle the differences between your idea and your buyers idea of closing costs? Since its part of negotiating the deal, I don’t see how it could be done after the offer is made.

Howdy Markw:

It is not a done deal until it is closed and funded and you get the check and run 3 blocks. Anything can happen. If you are dealing with a seller with little or no equity it will be harder. I closed a deal in Jan where the seller brought $6000 to the closing table. I did not like some of the stuff I was stuck paying but I did it. In addition I got zero credit for deposits and we did not prorate the rents. Since my hard money lender too way too long to close I did not press the matter. There are always last minute details to work out on every closing and unexpected expenses. Hopefully they are only minor and can be worked out. If you get too flexible with your fees you may end up paying to sell the deal. Be careful LOL

Good reply but not what I was looking for :stuck_out_tongue:

If I assign a contract, is the person I assign it to stuck with what we have already negotiated for closing costs? Or are these typically negotiated after the offer is assigned between the seller and rehabber?

ALL of the details of the deal are (or are supposed to be) included in the purchase contract. So, if you assign your contract, then the assignee is “stuck” with the terms of the closing as laid out in the contract.

As Ted said, nothing is a done deal until the closing and check is in hand. The assignee could try to renegotiate the deal, but if they choose not to close, then they would lose any deposit and the assignment fee (assuming that you made them pay upfront, which you should).


although only earnest money may be lost, in theory, and if followed through with, the seller may sue for specific performance if buyer or investor defaults. the end result could be much more costly than a few hundred dollar “deposit” loss.