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    • Lolly88
    • By Lolly88 13th Nov 17, 7:33 PM
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    Lolly88
    Vendor taking a long time to decide on offers
    • #1
    • 13th Nov 17, 7:33 PM
    Vendor taking a long time to decide on offers 13th Nov 17 at 7:33 PM
    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 Iím 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 didnít receive any news.

    I already have a few red flags that the vendor might drag their feet with selling as their motivation for moving doesnít sound solid and at the viewing they said they havenít 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 Iím annoyed that I havenít heard anything today from my offer on Friday. I guess the purpose of this thread is to get a bit of perspectiveÖ.am I being impatient? Is it common for vendors to take days to give a decision after each offer?
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Page 1
    • Cakeguts
    • By Cakeguts 13th Nov 17, 7:37 PM
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    Cakeguts
    • #2
    • 13th Nov 17, 7:37 PM
    • #2
    • 13th Nov 17, 7:37 PM
    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
    • By anselld 13th Nov 17, 7:39 PM
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    anselld
    • #3
    • 13th Nov 17, 7:39 PM
    • #3
    • 13th Nov 17, 7:39 PM
    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
    • By phoebe1989seb 13th Nov 17, 7:47 PM
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    phoebe1989seb
    • #4
    • 13th Nov 17, 7:47 PM
    • #4
    • 13th Nov 17, 7:47 PM
    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

    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.
    Last edited by phoebe1989seb; 13-11-2017 at 7:50 PM. Reason: Typo!
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    • Lolly88
    • By Lolly88 13th Nov 17, 7:48 PM
    • 233 Posts
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    Lolly88
    • #5
    • 13th Nov 17, 7:48 PM
    • #5
    • 13th Nov 17, 7:48 PM
    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.
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    • Lolly88
    • By Lolly88 13th Nov 17, 7:51 PM
    • 233 Posts
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    Lolly88
    • #6
    • 13th Nov 17, 7:51 PM
    • #6
    • 13th Nov 17, 7:51 PM
    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

    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.
    Originally posted by phoebe1989seb
    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.
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    • G_M
    • By G_M 13th Nov 17, 8:00 PM
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    G_M
    • #7
    • 13th Nov 17, 8:00 PM
    • #7
    • 13th Nov 17, 8:00 PM
    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
    • By Lolly88 13th Nov 17, 8:25 PM
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    Lolly88
    • #8
    • 13th Nov 17, 8:25 PM
    • #8
    • 13th Nov 17, 8:25 PM
    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.
    Originally posted by G_M
    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.
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    • G_M
    • By G_M 13th Nov 17, 8:35 PM
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    G_M
    • #9
    • 13th Nov 17, 8:35 PM
    • #9
    • 13th Nov 17, 8:35 PM
    and I gave you some perspective.

    As well as some general advice which I hope might help in the coming weeks.
    • steampowered
    • By steampowered 13th Nov 17, 8:49 PM
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    steampowered
    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
    • By martindow 14th Nov 17, 8:59 AM
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    martindow
    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.
    • Scotbot
    • By Scotbot 14th Nov 17, 9:25 AM
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    Scotbot
    A couple of days is normal. If they had a viewing on the weekend they may be waiting for feedback. And as others have said they could be playing you to try and get you to offer more which again is normal.
    • fromtheshires
    • By fromtheshires 14th Nov 17, 9:34 AM
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    fromtheshires
    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.
    Originally posted by Lolly88
    In relation to the above, there are many people on here who wont even let someone look at the house they have for sale until theirs is sold and they are proceedable with DIP etc and the EA has checked their finances. Others say not to look so you dont fall in love with a house and it sells before yours does.

    In relation to the couple of days to reply, if there is a lot of offers coming in, it may mean the vendor needs to carefully think about every offer and the merits of each potential buyer - FTB / small chain / mortgage in place and ready to move asap.

    House buying is soul destroyingly slow and fustrating. The only way to survive it with as few frayed nerves as possible is to treat it like an ebay style purchase (as a business transaction only).
    • shortcrust
    • By shortcrust 14th Nov 17, 9:40 AM
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    shortcrust
    To be blunt I think youíre being incredibly impatient and more than a little unreasonable. Bare in mind that sellers consider the buyer as well as their offer. Iíd be very worried about a buyer who was pressuring after a couple of days at the offer stage, especially if I was still looking for a purchase. A lower offer from a more relaxed buyer might seem like a better option.
    • googler
    • By googler 14th Nov 17, 9:51 AM
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    googler
    Days to decide on offers is nothing. It may take them months to find an onward purchase.
    Originally posted by anselld
    So the buying/selling system needs change;

    Provision 1 should be that offers are made including an entry date, such that when the offer is accepted, the seller accepts they will hand the house over to the buyer on that date

    Provision 2 is that the offer contains a limit date. "I offer you £X, with this offer to be accepted or declined before close of business on dd/mm, and if not accepted, it will be deemed to be withdrawn"

    Scotland embraced both a long time ago ...
    • ReadingTim
    • By ReadingTim 14th Nov 17, 10:39 AM
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    ReadingTim
    To be blunt I think youíre being incredibly impatient and more than a little unreasonable. Bare in mind that sellers consider the buyer as well as their offer. Iíd be very worried about a buyer who was pressuring after a couple of days at the offer stage, especially if I was still looking for a purchase. A lower offer from a more relaxed buyer might seem like a better option.
    Originally posted by shortcrust
    +1, especially the "red flags" that the vendor might "drag their feet"... As a vendor, I'm not sure I'd entertain any offer, or even further correspondence with the OP, either at or above the asking price - some customers are simply more trouble than they're worth.
    • getmore4less
    • By getmore4less 14th Nov 17, 11:51 AM
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    getmore4less
    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 Iím 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 didnít receive any news.
    Originally posted by Lolly88
    3 offers in a week up from 8% under to asking.

    they will have you marked as very keen lets squeeze a bit more off them.
    • Lolly88
    • By Lolly88 15th Nov 17, 1:49 AM
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    Lolly88
    The EA called me today to update me that the vendors still hadn't made a decision and apologised for the long wait which was very kind of them and validatng.

    To be blunt I think youíre being incredibly impatient and more than a little unreasonable. Bare in mind that sellers consider the buyer as well as their offer. Iíd be very worried about a buyer who was pressuring after a couple of days at the offer stage, especially if I was still looking for a purchase. A lower offer from a more relaxed buyer might seem like a better option.
    Originally posted by shortcrust
    I think you're projecting your own stuff here. Where in my post have I said anything that indicates I'm putting pressure on the sellers? Have I made pointless threats? Have I bombarded the EA with numerous phone calls everyday? Have I gone round to the vendors house and nagged them to make a decision? Nope I simply made some offers and called once for an update and then posted a thread on here to see if waiting for days after each offer was the norm. If you consider that pressure then good luck with selling.

    +1, especially the "red flags" that the vendor might "drag their feet"... As a vendor, I'm not sure I'd entertain any offer, or even further correspondence with the OP, either at or above the asking price - some customers are simply more trouble than they're worth.
    Originally posted by ReadingTim
    And some sellers are more hassle than they are worth. As I already explained there are numerous threads on here where sellers have wasted buyers time by taking several months to find a property only to change their mind about selling leaving the buyer out of pocket. There has been lots of advice about how to spot such sellers. So having a seller say ' we don't really know where we want to move to or what we're looking for yet' is obviously going to raise red flags for any sane person considering buying. If someone is putting their house on the market it's not unreasonable to anticipate that they have an idea about how they might move on.

    So the buying/selling system needs change;

    Provision 1 should be that offers are made including an entry date, such that when the offer is accepted, the seller accepts they will hand the house over to the buyer on that date

    Provision 2 is that the offer contains a limit date. "I offer you £X, with this offer to be accepted or declined before close of business on dd/mm, and if not accepted, it will be deemed to be withdrawn"

    Scotland embraced both a long time ago ...
    Originally posted by googler
    I agree that would be a good system.
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    • ReadingTim
    • By ReadingTim 15th Nov 17, 11:37 AM
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    ReadingTim
    And some sellers are more hassle than they are worth. As I already explained there are numerous threads on here where sellers have wasted buyers time by taking several months to find a property only to change their mind about selling leaving the buyer out of pocket. There has been lots of advice about how to spot such sellers. So having a seller say ' we don't really know where we want to move to or what we're looking for yet' is obviously going to raise red flags for any sane person considering buying. If someone is putting their house on the market it's not unreasonable to anticipate that they have an idea about how they might move on.
    Originally posted by Lolly88
    That is indeed also true. However, you can't buy unless or until they sell, so they hold all the cards. You can rant and rave all you like, but you have to dance to their tune, so suck it up. That said, I'm glad you felt validated by the Estate Agent - they are indeed a noble profession, fabled for their honesty.

    Sanity and reason don't come into house buying, merely what you agree with the vendor, so if you can't come to an agreement with this vendor, find one you can come to agreement with. However, if you find you can't come to an agreement with any vendor, perhaps the problem doesn't lie with the vendors...
    • Lolly88
    • By Lolly88 15th Nov 17, 6:55 PM
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    Lolly88
    That is indeed also true. However, you can't buy unless or until they sell, so they hold all the cards. You can rant and rave all you like, but you have to dance to their tune, so suck it up. That said, I'm glad you felt validated by the Estate Agent - they are indeed a noble profession, fabled for their honesty.

    Sanity and reason don't come into house buying, merely what you agree with the vendor, so if you can't come to an agreement with this vendor, find one you can come to agreement with. However, if you find you can't come to an agreement with any vendor, perhaps the problem doesn't lie with the vendors...
    Originally posted by ReadingTim
    I don't know why some people on this forum can't offer advice or comments without denigrating posters or being hyperbolic about their responses. I'm not ranting and raving, I'm merely annoyed at most - there's a huge difference. The EA's have been fab so far and I can't fault them, I give credit where it's due.
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