My husband and myself have been approved for a mortgage since the end of January and despite looking at over 40 houses we have only found 1 that we could/would buy (due to the RD loan we have, condition of the house, etc)so anyways as soon as I walked in I knew I wanted that house and immediately called my husband to tell him. The realtor showing the house was all excited saying that he would come back out that night to show my husband as there were multiple offers on the house so we had to act immediately.

Husband came out and we signed our lives away instantly because the realtor said we had to act immediately, even offered over the asking price on the house to ensure a good response.

That was two weeks ago and still nothing. The bid went in on Wed and the person we are working with said to give it til Fri or Mon...those days came and went so she said wait til Fri or Mon again and here we are now on Tuesday and still nothing. They said it usually takes 5 - 10 business days and we are in the 10th but I am worried.

My question I guess is should we continue to wait or just withdraw the offer? We only have this approval until May 1st and we are first time homebuyers so it would be nice to take advantage of that credit. I upon further looking have discovered that this property is a REO? My fear is that when we offered over the asking price we did the wrong thing.

Just thought I would ask for some help and any advice would be greatly appreciated.

Smiles

If it has multiple offers then it is most likely priced under market because overpriced REO bank foreclosures will not get offers.

It sounds like you are in a price bracket with little quality properties and many buyers competing for them.

Wait a few more days and you should have your answer.

No legal advice.