Help! Newbie made rookie mistake.

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Posted by ksna on November 19, 2008 at 08:11:21:

Sent out LOI w/all cash offers on MLS properties in Washington DC. Explained to agent would be assigning contract.

Here's the situation:
List price $480,700 for 4br 3ba row house,
(Tax Assessed at $440,480.)
Seller accepted $336,490, (paid $280k in 2002)
Comps show one 3br/1ba sold for $299K
No contract (signed LOI), but agent is looking for financial info.

My mistake: I didn't shop around for very many buyers before sending out LOI. I'm not sure, but I don't think this is a good situation for an investor. I'm concerned I didn't offer the price low enough b/c there's a surplus of 3br at the $300k range in the area that aren't really moving. Is there still a possibility of getting a deal done here, or should I be walking away? Any advise is welcome.

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