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Which buyers would you choose?
Both offers are within $1,000 of each other.
Buyer 1: Retired single schoolteacher from Long Island. HUGE pension in the bank, solid credit, etc. She is applying for an FHA loan because she doesn't want her money tied up in the house. We are FHA approved. She has a contingency that she needs to close on her house. She is already out of attorney review, inspections are done, and her buyers have a mortgage commitment. She scheduled the inspection on my place for Wednesday.
Buyer 2: Young engaged couple buying their first place. Putting 10% down. No contingency. NOT an FHA loan. They are prequalified for a conventional mortgage, but can't imagine either of them have much savings. Both are employed schoolteachers. They didn't want to use a lawyer for the process, but my lawyer wasn't comfortable with that. They did wind up retaining one. They are ready to start attorney review today.
The thing is, I already accepted the offer for Buyer 1, but we are not out of attorney review. I am thinking of killing the deal because with Buyer 1 because Buyer 2 has no contingency.
WWYD? Thanks!
Re: Which buyers would you choose?
Take #2 because #1 is doing FHA and those loans take longer to complete than conventional ones. PLUS, she has the contingency on top of that.