Soo... a lot has happened. The seller accepted our bid and the 2nd bid shortly after he did that last Wed. a 3rd bid for the full asking price was placed. FI had gotten preapproved for a conventional loan based on his last year's income. This year's is less because he's not on commission anymore and FI also went by the number on his contract which included his health benefits. So because the back ratio (how much you take home vs. how much you pay for your house) is too high the bank won't approve him. So now we have to go through an FHA. Even though it might take longer, the people we've been talking to says we can still close before the wedding.
We were afraid that the seller would back out from the contract since we now have to go to FHA because the only reason why he went with us over the 2nd bid is because we're putting 20% down and were going through a conventional loan. We find out on Monday that he's going to stick with us. Our realtor told him that we were young buyers and we made a mistake but we really want this house and we have family in the neighbor, which made the seller stay with us.
We also found out that the third bidder has been calling everyday and even offered more than the asking price. We had to make a change in the contract though since we're doing an FHA loan the seller does not want to be responsible for any of the fixes that the house needs. So we are hoping the inspector won't give us a big list of stuff to fix because we'll have to pay for it. The inspector is coming Friday.