Since multiple contracts have become the norm in this market, esp. leading up to Nov. 30th deadline. A colleague told me her buyer contract was one among 32 contracts for a single home foreclosure in the $300's range! Hellooo..
So, the pecking order: 1) CASH (is king), 2)Conventional loan, 3) FHA, and 4) VA. Though, sometime stroke of luck do show up, like showing a large EMD drawn from a gov credit union helped...my buyer's win the bidding war.