Newsflash: 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?

Read more at https://www.reddit.com/r/RealEstate/comments/5lbhf2/how_much_time_to_let_an_offer_sit_when_seller_has/?utm_source=ifttt

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