Take the first offer??

[Stephanie Wells]

Hello BPers! 

I've been following posts for about 6 months now but am just now seeking some assistance. 

Last week my husband and I closed on a REO house we are planning on rehabbing and living in for 2 years. This morning I received a phone call from someone that we outbid asking if we would like to wholesale the property for 5-10k. We really are planning on living in this house and we really like it, however we have the investor mentality so we are going to take them up on their offer. However, we feel that we have a good deal on our hands and since he threw out 5-10k right off that bat if he might have a little more room in his budget. We are going to ask him for 12k, this allows us to pocket 10k after all closing costs and commissions. We have moved our stuff into the garage and met with the contractor once.

What I'm wondering is, is this greedy on our part? Are we lucky to be getting this offer to begin with after doing relatively little? Or, since this is a hot market and we are planning on living in this house we have nothing to lose by asking for a little more? 

Thanks all!