Renegotiating new build price or mortgage terms

[Anonymous]

I am scheduled to close on my first house in late August.   I have to meet with the lender for the mortgage next week.   Given the continuing housing slump can I negotiate an additional discount off the price of the house or more money from them towards my closing costs?     I'm sure appraised values are down since December when I signed contracts. 

     Also,   since I am going with builder lender for their incentives can I negotiate rates, points, etc or do I have to just take what they say I am eligible for? 

[Anonymous]

Contract are meant to be negotiated and typically the place most negotiations occur is on price... If your contract calls for a particular amount of equity represented at close and values have dropped bring it up and take that trail where it leads you.

Builder's captive lenders may be willing to work with you if you have propper documented evidence of comps in the area that have been devalued recently.

Good Luck!

Rob

[Anonymous]

If the builders contract says that if the house appraises for less than the agreed price I have to come up with the difference, will the builder be willing to discount the house at closing to guarantee the deal?   If the house comes in a lot lower than appraisal I would have to cancel.