The second offer that came in Tuesday morning as we were preparing our first counter offer was interesting. It was a full price offer, asking for $2500 in closing costs. However, the buyer wanted it contingent on the sale of their home which had not even been listed. They indicated it would be listed by May 1 and requested a July 15 closing date. Our realtor didn't like that they weren't yet really in a position to sell. I do like their closing date, although really much farther out then we were looking for. It would have meant longer time away from my husband by another month.
The first offer already has a solid pending offer on the sale of their home which they close on May 28. This was the date they wanted for closing but did then change it to June 8 when we indicated our daughter didn't even finish school until June 5. We then countered back with a June 12 closing.
I think the buyers got a little nervous hearing another offer was coming in and agreed easily to our June 12 closing in order to secure the home. It sounds like the couple has four young kids. They will definitely fit into this neighborhood well as they are many young children around us.
So there was no bidding war exactly, but all potential buyers were notified that offers were coming in and given a chance to produce one. Which did prompt the second offer. While the offer was good or maybe slightly better financially, it wasn't as solid as the offer from the buyers that already have a pending sale on their home.
We are very happy with the outcome. The only caveat our agent mentioned was that at full price and a recent sale down the street we could have an appraisal issue. The comparable on our street sold for $260K is the exact floor plan as ours except they have a sunroom addition. Our home has sold for $255K. We priced it at $255K expecting some negotiation and more likely to land at $250K. Of course, I'm thrilled with an extra $5K! Fingers crossed it can appraise at that value. 
Time to pay bills!
About the Second Offer
April 16th, 2015 at 03:28 pm
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April 16th, 2015 at 03:54 pm 1429199687
If it does not appraise, the buyer can ante up the difference, you can split it in some fashion, or you put it back on the market. With the spring selling season just getting underway in the colder parts of the country, you may get better comps in the next 60 days.
April 16th, 2015 at 03:59 pm 1429199989
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April 16th, 2015 at 04:06 pm 1429200395
If that second offer was our only offer, we may have actually passed, or encouraged listing ASAP. Too many unknowns there.
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