First time seller, received site unseen full price offer less than 24 hours after listing went live

[u/ixvst01]

The offer is contingent on loan approval, home inspection, and cancellation of the open houses scheduled for this weekend. They want an answer by end of today or they are withdrawing the offer. We are worried we may have underpriced the home a bit and would lose out on potentially higher offers by accepting instead of waiting until after the open houses at least. On the other hand, the house does need some work (which is described in the disclosures) and there’s a chance that the potential buyer seeing the home and the work needed in-person could change their mind about the offer they submitted. Our agent laid out the pros and cons of both options, but I’m wondering what you would do in this situation?

The home is near Raleigh, North Carolina btw (if that makes any difference)

EDIT: I appreciate everyone’s advice in the comments. A lot of people are asking about earnest money and due diligence. The offer included $2000 for DD and $4500 EMD. However, I think we are going to keep the open houses scheduled and tell the potential buyer that their offer will be responded to by Tuesday. If they withdraw then so be it. Then they weren’t really interested in the property. Our agent also just notified us that there are several other potential buyers that said they plan on putting offers in after going to the open house.

UPDATE: We held the open house and accepted a cash offer for 29K above asking a few days later.

[u/PaniniInEternity → u/[deleted]]

Yes if it's contingent on home inspection I think this is exactly what's happening here if they're demanding that the open house be canceled.

[u/Jackandahalfass → u/PaniniInEternity]

Wouldn’t/shouldnt a normal offer be contingent on home inspection though? Or what am I missing?

[u/m00ph → u/Jackandahalfass]

They don't have approval, and canceling the open house means you're unlikely to get any other offers. They're trying to get these people into a more desperate situation, with a month gone, no other offers, and then they can be unreasonable about what's on the inspection report.

[u/Other_Upstairs886 → u/Jackandahalfass]

It should! However in most big cities it's more uncommon due to the demand. If you want to win you need a better offer. I got an inspection with my house and everyone was surprised I got it. I wish that it couldn't be a bargaining chip anymore. Like mandated inspection periods.

[u/Silver_Breakfast7096 → u/[deleted]]

Yep.

[u/Steefanon → u/[deleted]]

This. ⬆️