You should have a professional handle this situation. You can negotiate with a real estate lawyer to supervise the whole transaction for a fixed fee or utilize the services of a real estate agent. If you use a real estate agent, the developer will have to pay his or her commission and it will not cost you. Arguably, making the developer pay a commission might reduce the amount of concessions the developer is willing to make, however, in my experience as a real estate attorney for over twenty years, you are better off having a professional (and you should be very careful choosing your professional as there are not many out there) negotiating on your behalf to get the most bang for your buck. If you choose either type representative, make sure you "google" them, ask for a resume and check with the local bar association or department of real estate to see if they can refer anyone or have information on the individuals you have spoken to. There are more bad attorneys and poor real estate agents then competant ones out there. The market in Vegas has tanked and will only get worse for the forseeable future. Go for as much as you can-the developer is lucky to have a sale. Good Luck with everything and as bad as the market is, I cannot remember anyone (excluding completely reckless individuals) ever, in the long run, regreting being a homeowner.

Thanks mgreen1. I am not able to use an agent since they need to be with you at the time of registration...hindsight is 20/20. Original contract was signed last March.

You are right they are lucky to have a sale since most other contracts have canceled. I will definately do my research on the lawyer!!

You've already signed a contract with the builder? If you've already signed a contract, how can you put in a new offer?

Better take a close look at that contract. Is there a clause that allows you to cancel the contract (which you signed) just because the price dropped? I doubt it.

If you signed a contract and the builder has met all of their obligations under the contract, they could sue you for specific performance of the contract. Unless you can find a clause that allows you to withdraw or cancel, then the terms (and price) outlined in the signed contract still stand, regardless of any market drops or price reductions.

Maybe I'm missing something...........

My contract has been looked over with a fine tooth comb, there is nothing there that says they can sue. Yes they will keep my deposit and upgrade deposit if I walked away.

Putting in a new offer is the only sensible thing to do. I will not buy a house that will not appraise for the purchase price nor will I move in being 100k upside down... doesnt make any sense.

Contracts are being walked away from on a daily bases right now...under construction homes on both sides of my house are now standing inventory because the buyers walked away.

I want the house, the builder wants to sell the house. I am sure they will be willing to renegotiate.

Thanks for your input Chapnc

Do you have a financing contingency?

If so you could approach the builder by saying that you still want to buy the house but are certain that the house won't appraise (which would give you the option to walk away and get your deposits back).

Say you still want to buy the house at a price which will comp out to current sales and therefor appraise allowing you to move forward to closing.

Good luck.