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Author: Jennlee222 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127472  
Subject: Re: House for sale - offer expected Date: 5/14/2013 8:43 AM
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Thanks all for the advice!

Two offers came in last night, and apparently there may be another on the way. Of the 2 received offers, one is from a physician and his family who is moving here from out of state. The other is a guy who I think is single and from the area.

Both buyers have the standard inspection contingency, financing contingency, appraisal contingency. Both buyers are pre-approved for financing for over the price of the home - one is FHA (the single guy) and one is PhysicianLoans (the doctor). Both buyers have contingency of seller-purchased home warranty ($425) and radon check at buyer expense (radon is not a big problem in my area and my basement has a lot of exposure with windows, so we think it is unlikely to be an issue, but I never have had it checked).

Buyer 1 also has contingency of their current home closing. Their home has an accepted offer with all contingencies removed, scheduled to close May 28, and they've offered proof of that.

Buyer 2 has an additional contingency that I credit him $3500 toward closing costs.

Buyer 1 offer nets out to full asking price $225K. They are offering $220,500, and their Realtor (who is the mother-in-law of the doctor) is reducing her commission by 2%, which brings the net to me to the full asking price.

Buyer 2 offer is $213,500.

Buyer 1 has seen the property via FaceTime (and the mother-in-law has seen it a couple times) and said they loved it and wrote me a glowing letter about how the house is perfect for them. They will actually see it in person today. They put in their offer before the actual viewing I guess because they want it and knew that the other offer was coming in.

My Realtor recommends I accept Buyer 1's offer and counter Buyer 2's offer and put it into secondary offer position.
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