We just got beat out of a house because of something like this. Asking 290,000, we offered 175 and had a loan commitment. They countered at 235. We countered at 180, them back at 225. Just as we were going to put in another offer, we got word that they took an offer for full asking price!! So we bailed. Well the property failed inspection (duh, that why we offered 175) Then about a week later get word that it was back under contract to the full price buyer. Here is the kicker, instead of our last offer which wasn't for cash but was 182,500 with a loan pre-approval for 225K, they took 140K cash. Which I have in the bank. I could have easily beaten their offer, but the bank chose cash immediately vs. an additional $42,500 in 2 weeks.
