Thanks for everyones comments. I’m working with a relative as my broker and he likes to go by the book. This deal was a bank repo, so I wasn’t sure if I had any way out other then loan contingency. I knew I could get out of the deal, but I just wanted to find a way out without stressing out my broker/relative.
The funny thing is I made an offer 20K above list and just found out that there were 8 offers (including a cash offer @ list) and I didn’t get the property. There wasn’t even a counter. This is the 4th house in a row that I’ve have been out bidded. This last house had about 90% of what we were looking for so my wife changed her mind. There is still a lot of demand for nice properties at the right price. These homes were about 30-45% off peak pricing. When these homes close/record, these will be the new comp killers for their neighborhoods.
