exit strategy? yes, you will need to know if this house will resell quickly or stay on market due to things like busy street, condos/apt near by, lower rated schools, outdated features, .due dilligence..oh, did I mention due dilligence?
now for the story..I have a friend who put in an offer on a home in Los Altos, CA (circa 2006)-- equivalent area in Maryland would be Bethesda or Potomic in terms of housing. There were 4 offers..the first offer was over asking price, but the financing fell through, second buyer found another house, third buyer lost interest, fourth buyer was my friend. A month and a week later they got a call from the listing agent asking if they still wanted to purchase the home. They purchased it at the lowest of all the bids, renovated the home and sold in July for profit -- price, price, location.
Best of luck,
Mary - Sun Jul 6 2008, 17:00