March 19, 2005
After months of no activity on our house for sale in Illinois we suddenly find ourselves at the center of a small "bidding war." Last weekend we received an offer, and after a round of verbal bidding and counter bidding, agreed to a contract. The prospective buyers have to sell their home first, so the contract contains a contingency. The terms of the contingency allow them 24 hours to remove it should we get another offer.
Today we got that other offer. Its only for a few hundred dollars more than the original offer, but the closing date is sooner and this second offer has no contingency. To make the second offer extremely interesting it is from a long time friend of mine, a former work mate.
We accepted the second offer and immediately faxed back the paperwork to the realtor. She has informed the original buyers and we are now waiting to see what they'll do. If they remove their contingency and go for a bridge loan we'll complete the deal with them. If they back out, then my friend will get the house. Either way we get it off our backs.
By this time tomorrow we'll know one way or the other.