I've also read about buyers making low offers every 30-60 days and having this offer accepted after being rejected several times.This 85% rule suggests your expenses will be 15% of your gross rental income.

Defects that should have been discounted or created purchase rejections.

@Sam LoCascioI am always hesitant when a person is asking about a home that they are going to live in as these tend to be more personal than an investment property First off keep in mind that the extension only gets you 15 days for $375 and you can do a maximum of 2 extensions($750)I would not recommend changing lenders as this could cause more delays and jeopardize closing even with the extra 30 daysSwitching to FHA will more than likely require a new appraisal by a different appraiser since it would have to be assigned through the pool(Double Check with your lender) which would require the utilities to be turned on again at your expense($$$$)Since you are bidding almost 10% above asking, you should consider letting the mortgage company reject therefore getting back your earnest money and rebidding with all your ducks in a row. 

Now, I follow up on the property after a rejected offer.

If your offer is way under the BPO value, they will reject or counter to meet or come close to BPO offer.

(check 91011 zip code)I received a call from a buyers agent offering $1.4 million in cash, then increased to 1.435 when I rejected the first time.

I have had offers accepted for less than half the asking price a week after it hits the market, and I have had offers rejected for almost full price after it has been on the market for a long time.Always use YOUR numbers to analyze the deal, not the seller's numbers.Best of luck.

Reason being a real estate agent has little incentive to continue holding onto your listing if you no longer want to sell - You as the seller has the right to reject every single offer, even if it is higher than listing price!

You will get a bunch of rejection scrubbing the leads but if you have the drive you might make something of it.Be very careful and read ALL the documents in writing and have your attorney review.

But the previous owners move on to bigger & better (usually sold to them by us) & I take back the rejects, rinse & re-sell.It's an awesome business to be in!!!!