Two offers on my home. Help!

[Donna Drake]

I need some advice from you guy. A problem has come up and this feels like the place to turn.

I have two offers on my house after nine months on the market!

The first one is, (was,) due to close Sept 15th. These buyers waved all inspections except for the appraisal. We are ready to go.

The second offer would be due to close Sept 24. She is selling her house, all inspections are done. She is approved for 130K and will have the rest of the money when her house closes. She calls my house her dream home! She really wants it! Here buyers are also approved for their funds.

My first buyer found out the CHASE will not give the loan till Oct 30th. The buyer has a new job, with the same company in my town. CHASE wants him full time at the new location for 30 days before they will process his loan. even though it is the same company the buyer has worked at for five years!

Aside: This is not the first time CHASE has caused me pain!

I have already rented another place, and I cannot afford to wait till the end of Oct! This rental was a great deal and I will not give it up!

My first buyer is a safer deal. All the money is there. He also own's another house, but doesn't want to use it for funds. I say why not? but I don't understand these things.

The second offer is waiting to close the sale of her house. It looks good, but anything can happen.

Both parties have put down escrow money.

My second offer is for 1000K more, Not much.

Any thoughts on how to proceed would be appreciated.

I am soo stressed and afraid to let the first buyer go. I just can't lose them both!

Help!

[Jon Holdman]

I assume the "first buyer" and you have an accepted contract and the "second buyer" is a backup offer. Neither of these are great offers. I assume the first contract states a closing date of 9/15. If they can't close by that date, they will ask for an extension. I'd suggest at that time you make them the backup offer and move the other one to first position. If the second offer can close by 9/24, close with them. That's pretty quick, though, and that may well get delayed too if either her loan or her buyer's loan has an issue. You're basically stuck waiting until one or the other of them closes. Hard to predict who that will be.

Also, I'd continue to accept other back offers since I think there's a chance neither of these will close.