Need advice on my offer

[Omar Dolmus]

Hey guys,

This is my first offer in real estate and not having a mentor/ guidance is taking a toll, can I please get advice on this deal. We placed an offer on a duplex last Friday (7/18) for their asking price at 385k with an 3.5% down FHA loan and sellers concession. We thought this was very fair because we offered what they asked for but after waiting 4 days they emailed my realtor saying they are looking for highest and best offer by Friday (7/26). After talking to my mortgage broker a conventional loan matched with dropping sellers concession is not a great option because it will pretty much drain me of all of my funds which I don't think would be smart. as I look at it these are a couple options I have:

*Side Note* I have about 31k in funds.

1. Raising my bid by 5-10k

2. Dropping sellers concession

3. Switching loan to a 5% down Conventional

4. Mix and match 1&2, 1&3

Please let me know if there may be any other options I can take.