Thoughts on a deal we just missed

[Kyle Eckert]

We looked at a 2-family flat in Saint Louis today.  Price was $90k in an up and coming part of town.  Bottom floor has a long term tenant paying $550/month, top floor needed finishing, a small deck and a small kitchen, prolly rent for $550 as well.  It's monsoon season here, so the basement had water coming in on all 4 sides through the limestone foundation, creating a small mold problem coming through the Drylok.  However the air was dry, so I found that reassuring.

The mold and moisture in the basement was not included in the provided disclosure.

My realtor just told me that a contract was accepted on the place, 2 hrs after we looked at it.

My thoughts:  Its a good price, and even at asking the cashflow works and provides a $250+ monthly income.  If the competing offer was made blind based on calcs and disclosures, what are the chances that the moisture and mold will scare them off?

Should I put in a back-up offer at asking, just in case?

[Jay Hinrichs]

back up offer.. forget about asking the agent to call you back.. agents just don't track stuff like this in the real world put your back offer in.. let it sit there you will either get a call or it will terminate .. waiting for someone to watch MLS daily to see if something pops back up is just not reality.