Move On?

[Larry H.]

We have been under contract on a 4 plex for a couple months. After inspection I submitted a revised purchase offer that was $45,000 less than our original agreement. The agent is representing both of us. The agent tells me the seller is motivated to sell the property and had no idea the condition it is in (he's out of state), but after two weeks of submitting the new offer the seller has neither accepted nor rejected our new offer. The agent told me he's waiting for a contractor to give him a bid for repairs so he can verify what I'm saying it needs and what it's going to cost. The property is in Baton Rouge and the surrounding areas were majorly flooded a few weeks ago, so contractors are overwhelmed right now with flood repairs (this property did not flood). Should I make other offers on other properties while still waiting for this guy to respond or wait until this deal is finalized, go or no go? We only have the cash to close one deal right now so if we move on and get another property and then this guy decides to accept our offer how would that work. We have no deposit on this deal, but I have spent $600 on an inspection. This will be a good deal if its a go.

[Bryce Wong]

Maybe you can expedite the process by getting bids of your own and sending him quotes for them instead of having him to your homework for you. The easiest way in my opinion is to make the sale for the seller as easy as possible so he's inclined to sell it to you. Now that he's getting his own quotes, I doubt he'd get back to you. He might use that as an excuse to wait on other offers.