No Price Reduction, No Deal

DEAR BOB: I am in the process of buying a new house in a development where the base price on the same model as mine has dropped. Am I entitled to have my contract with the builder redone so I can buy at the new lower base price? The house I am buying has not yet been completed. --Makeise F.

DEAR MAKEISE: You are not automatically entitled to any price reduction, but you can beg and plead with the home builder. Smart home builders will reduce their sales price rather than lose a serious buyer like you.

If the builder won't reduce your base price to be competitive, talk with a local real estate attorney about canceling your purchase contract and getting your deposit refunded.

The new Robert Bruss special report, "17 No-Down-Payment Formulas for a Buyer's Market," is now available for $5 from Robert Bruss, 251 Park Road, Burlingame, Calif., 94010, or by credit card at 1-800-736-1736 or instant Internet delivery at www.BobBruss.com. Questions for this column are welcome at either address.

(For more information on Bob Bruss publications, visit his Real Estate Center).