I just finished flipping my second house and just put it on the market. There has been tons of activity and we had multiple offers within one day. I have two offers 20k over what I expected to sell it for when I started the project.
Unfortunately at this new 20k+ valuation (385k sales price) I'm not certain whether or not the house will appraise. There are no good comps to justify the price being that high.
I tried getting the buyers to give some sort of guarantee that they would bring cash to the table in the event of an underappraisal... but they did not bite. One buyer only increased their offer.
As of now I'm going to probably go with the buyer that is doing 20% down as they may have more wiggle room to come up with additional funds in the event that the house does not appraise. (the other buyer is only putting up 5%).
Is there anything else I should be considering before making the decision between the two offers? All other terms appear equal, including proposed closing date.
