Today we resubmitted our offer for the Mid century house. We originally submitted on Wednesday but the Realtor came back with the information that there were three offers and she wanted our best offer. They later sent a letter informing us all that this house requires cash and that it has a minimum of $10,000 worth of re-plumbing to be done. When we heard that, I automatically doubled that figure to to be hopefully on the safe side. Then, you have to factor in all new flooring in the house plus kitchen appliances... We are looking at $30,000 on top of the house cost just to make the house liveable. We decided to tke a gamble on this house and keep our offer where it was at. It seemed, based on The Realtors letter that at least one of the offers was not a cash offer - and who knows if the other party would like the idea of extensive plumbing costs - so to raise our offer, we might have ended up competing against ourselves. So, this is where we are at. What we understand is that banks respond on average in 3 days to two weeks. It is a waiting game.
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