How much time to let an offer sit when seller has other offers? (FTHB)

Hello,

We're first time homebuyers that found a house we liked that has been on the market for 30+ days. Inventory is low in our area, so if something is nice or in demand, it usually moves pretty quick, maybe two-three weeks at worst.

We looked the the home last Tuesday, liked it, and put in an offer than evening $5,000 under asking price and an additional $5,000 in seller concession and a fast closing (the home is currently empty and sellers wanted to move fast). Our realtor told us the following morning (Wednesday) the listing agent he spoke with said there was already another contingent offer on the home and contracts were out, but had yet to be signed. We were told to make our best offer close to, or even over asking price, to have a shot at it. At our realtor's advice, we upped our offer $5,000 over asking, with $5,000 in seller concession, essentially giving them an offer at asking price. This was a bit unique to us because no one offers above listing price around here and the home was already priced a little high compared to similar comps, but we rolled with it.

Our realtor came back and said the other potential buyer was offered a 48 hour right of refusal to remove their contingency of selling their home, or let the house go. That 48 hours would have been roughly until 12:00pm Friday based on the timing of our conversations. We have heard nothing yet from our relator since Wednesday when we were told it would take "a few days" before we heard anything.

Today, I got a call from the mortgage company we had been working with asking for our approval to send the listing agent a new copy of our pre-approval letter for the loan. I told him of course, please do. The lender also passed along questions from the listing agent that seemed she was concerned if the house didn't appraise for the price of our offer, would we have the cash on hand to pay the closing costs out of pocket? Obviously, we do, but I told the lender we would follow up with our agent and get his opinion on a response.

Obviously this situation is a little more complicated than typical offers, but how long do we let the seller/other potential buyers go back and forth before we move on? We're eager to buy, but don't to appear desperate or waste our time on a home with other possibilities on the market. With that said, we do like the home/area/etc. and totally understand this is smack in the middle of the holiday season. I also understand this could be a total crapshoot for the sellers feeling unsure about our offer coming in with another deal possibly in place. We do really like the home, but don't want to get caught up in overpaying for it with other opportunities. And the question from the listing agent to our mortgage company also had us a little concerned…

We're young, nervous, and welcome all feedback. Are we dumb to see how this plays out this upcoming week, or do we tell the listing agent we're moving on come Monday/Tuesday if we don't get a somewhat straight answer?

More real estate tips at Program Realty Wix site

How do you show a home to potential clients?

What I am asking is what is your selling style? do you like to follow your potential client through the home answering any questions they might have? or do you like to leave them alone and have them come to you once they are able to walk through the home by themselves?

I've been in real estate about 3 months, been very lucky to have closed 4 homes.

I'm just wondering other experienced realtors out there how you go about showing the home to the potential client and what you have seen the most success with.

More real estate tips at Program Realty Wix site

Tired of multifamily search already

I own a number of single family homes in Seattle and have been looking at selling them to buy apartments. Trouble is, almost every complex I hit up on loopnet only provides proforma numbers. They usually claim they don't have actuals because they've only owned it for 2 years (then why don't you have a tax return schedule E to send me moron?) blah blah blah. The ONE time someone actually sent me the schedule E of their return after I asked for it, made it very clear the proforma numbers they had provided were an outright best case scenario. The tax return showed the idiot was losing 20K a year!

Alas, I'm really considering staying with single family houses. It's something I know through and through. Growing a portfolio of houses is time consuming and expensive closing cost wise, but man, I don't have to deal with these proforma assholes.

More real estate tips at Program Realty Wix site

What are the top real estate legal issues shaping up in your market? (Article discussing the top issues of 2016 linked inside)

This article gives a summary of the bigger cases of 2016, which I thought might be of interest to this sub. Some of these won't have much impact on "civilians" (people not in the business), but several of the cases discuss issues of ethics and fiduciary obligations that I see frequently on this board and in real life.

Personally, agents here in the Florida Panhandle (and elsewhere, I'm sure) are keeping a close eye on Goodwin v. Walton County. Ostensibly it deals with beach-front homeowners' rights to put up No Trespassing signs on their property, but it's part of a larger, very contentious issue of private property rights vs. the public's right to customary use of the beach.

What are the big legal battles that are shaping up in your area for 2017 and beyond?

More real estate tips at Program Realty Wix site

Flip Financing-SBA line of credit for down payment

I want to flip houses. Could I create an LLC or Scorp, open a SBA unsecured business line of credit and use that line to finance the down payment and reno cost for the flips?

Background- I'm 28, work full time, married, wife works full time, no kids, we each have employer retirement plans that we don't want to touch. We own our home but no equity for heloc or collateral. I have no personal money to use to start the biz and I don't want to have to secure a hard money deal.

Thanks

More real estate tips at Program Realty Wix site

(NC) I won the bid on a Forclosure Auction but my opponent bought the house from the owners that was in forclosure on the last day of the upset bid period. Is this legal?

This is in a small town, and the clerk of court seems "buddy buddy" with the guy who bought it….A lot of fishy things have happened during the entire process. But i was wondering if it is legal to contact the owners and buy it from under the forclosure process. This happened on the exact day that i was supposed to have won the bid. This happened in North Carolina. Any help or advice is appreciated.

More real estate tips at Program Realty Wix site

House up for auction

Hi, I have a client that saw a house they put an offer on months ago posted for Auction here in Atlanta, Ga. They'd like to know is it common to contact an investor to buy the house for cheap and they agree to buy the home at a higher cost.

The home is located in Stone Mountain, Ga bidding at $84k and the home is worth about $164k. If you know someone that has experience with this process, please let me know. Thanks!

More real estate tips at Program Realty Wix site

How do zoning codes function? (Seattle, WA)

I am in the process of opening a Montessori school in Shoreline or North Seattle, WA. The commercial market here is pretty slow, I'm guessing due to the holidays, but I'm also considering purchasing a home and converting it into a daycare. However, I understand that zoning is key to this succeeding. I'm assuming that many homes are coded as being residential — how can a residential home obtain commercial coding? Would I request it through the city? I'm also assuming I would need to make renovations to the home to bring it up to safety codes, etc..

Thank you for any advice.

More real estate tips at Program Realty Wix site