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Vendor taking a long time to decide on offers

I viewed a house I really liked and made an offer for 8% below the asking price (based on the price slightly similar proprieties in the nearby area had sold for). This offer was rejected by the vendor 2 days later. I made another offer the next day and 2 days later they rejected it. I put in my third and final offer for the full asking price on Friday morning and now I’m still waiting to hear from the vendor. I called the EA this morning for an update and they said they were planning to chase the vendor up as the vendor had all offers in now and were deciding and would hopefully get back to me today to let me know. I didn’t receive any news.

I already have a few red flags that the vendor might drag their feet with selling as their motivation for moving doesn’t sound solid and at the viewing they said they haven’t seen any properties they are interested in yet. So these waits are making me even more hesitant about potentially buying from them as this part of the process should be the most straightforward?


Every decision on each offer has been at least a 2 day wait and I’m annoyed that I haven’t heard anything today from my offer on Friday. I guess the purpose of this thread is to get a bit of perspective….am I being impatient? Is it common for vendors to take days to give a decision after each offer?
Homeowner
:j
«13

Comments

  • Cakeguts
    Cakeguts Posts: 7,627
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    It sounds as if the vendors have had several offers and they are trying to decide which one suits their plans best. No one can do anything until the vendors make a decision.
  • anselld
    anselld Posts: 8,262
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    Days to decide on offers is nothing. It may take them months to find an onward purchase. This might not be the right property if you are in a hurry.
  • phoebe1989seb
    phoebe1989seb Posts: 4,452
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    edited 13 November 2017 at 7:50PM
    I feel your pain, OP.

    We're looking to buy something fairly 'niche' a good 3/3.5 hours away. A property we were interested in came onto the market on 30th October. We viewed it on Thursday 2nd Nov and made an offer of the guide price during the viewing. On the Saturday the EA called to tell us the vendors wanted any other booked viewings to go ahead and that we would hear on Monday 6th.

    Monday came as did a call to say the vendors - the beneficiaries in a probate sale - were increasing the guide price by £35k.

    Next day they called again informing us the vendors wanted our solicitor's details and that the executor of the estate was recommending they accept our offer. But........they also said as one of the beneficiaries lived overseas, it would be Tuesday 14th (tomorrow!) before a decision was reached.

    We're hoping to hear something tomorrow, but have a feeling we might not. My assumption is that due to lack of properties available, it's still a seller's market in some locations :o

    We've bought seven properties and this is the longest we've ever been kept waiting for a response to an offer, so imho it's not common.
    Mortgage-free for fourteen years!

    Over £40,000 mis-sold PPI reclaimed
  • Lolly88
    Lolly88 Posts: 322
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    I'm not in a hurry as I'm a FTB and love where I'm renting so not in a rush to leave. I just want a decision either way. I guess my perception of how long it takes to hear back about offers has been somewhat swayed by seeing many of the timelines on this forum where people hear back on the same day. Plus the numerous threads from people being messed about by sellers has put my defenses up also.
    Homeowner
    :j
  • Lolly88
    Lolly88 Posts: 322
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    I feel your pain, OP.

    We're looking to buy something fairly 'niche' a good 3/3.5 hours away. A property we were interested in came onto the market on 30th October. We viewed it on Thursday 2nd Nov and made an offer of the guide price during the viewing. On the Saturday the EA called to tell us the vendors wanted any other booked viewings to go ahead and that we would hear on Monday 6th.

    Monday came as did a call to say the vendors - the beneficiaries in a probate sale - were increasing the guide price by £35k.

    Next day they called again informing us the vendors wanted our solucitors details and that the executor of the estate was recommending they accept our offer. But........they also said as one of the beneficiaries lived overseas, it would be Tuesday 14th (tomorrow!) before a decision was reached.

    We're hoping to hear something tomorrow, but have a feeling we might not. My assumption is that due to lack of properties available, it's still a seller's market in some locations :o

    We've bought seven properties and this is the longest we've ever been kept waiting for a response to an offer, so imho it's not common.

    Thank you. The property I viewed came on the market around the same date as yours and I had to wait a week to view it and then a whole week of to-ing and fro-ing over offers and I hoped for some resolution today. It's nice to know I'm not the only one. :)
    Homeowner
    :j
  • G_M
    G_M Posts: 51,977
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    Why should they rush into a decision that involves 00s of 000s of ££?? It's a big decision.

    And if there's been a number of offers, including at asking price, that suggests considerable interest in the property from prospective buyers.

    It is therefore just common sense to take their time, make sure no higher offers arrive and then decide.

    Be patient.

    Far worse would be if they immediately said 'yes' to you, and then changed their minds later when a better offer came in (perhaps after you'd committed money to the purchase.

    If you wish to get through the house-buying process without a heart-attack, you need to relax, accept that it's a slow process, and not get impatient of stressed.
  • Lolly88
    Lolly88 Posts: 322
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    G_M wrote: »
    Why should they rush into a decision that involves 00s of 000s of ££?? It's a big decision.

    And if there's been a number of offers, including at asking price, that suggests considerable interest in the property from prospective buyers.

    It is therefore just common sense to take their time, make sure no higher offers arrive and then decide.

    Be patient.

    Far worse would be if they immediately said 'yes' to you, and then changed their minds later when a better offer came in (perhaps after you'd committed money to the purchase.

    If you wish to get through the house-buying process without a heart-attack, you need to relax, accept that it's a slow process, and not get impatient of stressed.

    Nobody's having a heart attack or getting stressed. It's natural if you're going through a process you haven't been through before to wonder if some of your experiences are the norm and to have questions...it's why this whole subforum exists. And like I mentioned in my other reply, based on numerous posts on this forum, plus lots of people I've been chatting to in real life this part of the process seemed to be the quickest for others hence why I posted on here to get some perspective.
    Homeowner
    :j
  • G_M
    G_M Posts: 51,977
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    and I gave you some perspective.

    As well as some general advice which I hope might help in the coming weeks.
  • The seller may be waiting for additional offers to come in, or to see if a little wait will result in you raising your offer.

    Similarly the vendors may be negotiating with other buyers to see if they will beat your offer.

    That's all a perfectly legitimate negotiating strategy. There is nothing untoward about a seller trying to get the best price!

    A delay of a few days is really nothing in the grand scheme of things. I've had people take a week or more to respond to offers in the past.
  • martindow
    martindow Posts: 10,198
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    You have made three offers and they may be pondering whether to push for a bit more. Full and final offers can still be increased if the buyers are keen.

    If you immediately make new offers when one has been rejected it can make you look as if you could go higher. When you get a response I suggest you follow their cue and wait for a few days to think it over.
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