How long should you wait for an offer to be accepted?

mazza245

We have an offer on our house from someone who has sold so we are in a very short chain so we offered £240,000 initially on a bungalow on at OIRO £285,000. The EA was insistent that the vendors wanted "nearer the asking price" and eventually, bit by bit we came up to £270,000 which was what the EA said that the vendors would definitely sell at, no less. We obviously didn't want to go above the stamp duty threshold and all that but we wanted the house and at £270,000 wouldn't be too well off to do all the necessary works (new kitchen and bathroom absolutely essential to anyone) but we would have to tighten our belts. We made this offer to the EA on Tuesday, she said "Oh, I'm sure they will accept that" and since then...... nothing. They have not said yes or no, just nothing. The EA is equally baffled but they can't make them answer, I suppose.

I am frantic by now. I can't get into their heads and figure out what could be going on. They are apparently two sisters who are selling a bereaved relative's house so it's all profit. It's been on the market altogether for 20 months but only recently changed EA's and has had a lot of interest since then at a much lower price than it started at. It was originally at £365,000 and of course, didn't get a single offer or many viewings as it does need quite a lot doing to it.

We are going on holiday on Tuesday and I would really like to get this sorted out before then obviously. I think we have been pretty patient. I have been itching to natter at the EA every day but I have been held back and only rung twice in the four days to yesterday. Various friends and family say conflicting opinions such as "keep on at the EA until she is more forceful with her clients" and "wait patiently or they may get p....d off and not sell to you!". I just would like to ask people's opinions on here. Obviously I must speak to the EA tomorrow but then what? If they want more money we are walking away but...... I do like that house and nothing else we have looked at is as good.

waynehayes

I'm sure the EA would be contacting the vendor anyway, without you prompting them. Obviously the EA wants the selling fee, so I'm sure they're on the case.

DVardysShadow

mazza245 wrote: »

... The EA is equally baffled but they can't make them answer, I suppose.

.... We are going on holiday on Tuesday and I would really like to get this sorted out before then obviously. I think we have been pretty patient. I have been itching to natter at the EA every day but I have been held back and only rung twice in the four days to yesterday.

EA senses you are keen, they are making you stew. The only thing to come out of this is more money from you. So, sit on it until you come back.

jb66

Can you contact the sellers agent and let them know the offer expires on 31st August

1echidna

They are probably waiting around to see whether they can get a better offer. Getting the maximum they can and all that. Best not to let on that you really want the house as the game will then be to make you increase your offer. My approach would be to do nothing for the moment and try to get out of the mindset that you must have this house. The thing that will be preying on their minds is that you will walk away the longer they leave accepting the offer. Trying to hurry things along is more likely to prejudice your position than improve it.

chickmug

Despite al the conspiracy theories it could just be a case of the sellers doing it at their speed and as such causing this stressful wait.

As waynehayes said the EA will want their commission and not want to prat around trying to get a bit more.

I found that when you come across this type of seller they can be very stubborn and do what they want & in the time scale they choose. This is where, as an EA, you need to be very assertive. Even though the seller is your client you DO have to bring pressure to bear as that is probably what is in the best interests of their clients.

So my advice is get on the EA's case. Is the person being as assertive as the situation needs?

mazza245

I must admit that all those thoughts had been going through our minds. We (me!) obviously showed that we liked the house very much on each viewing and in phone calls since. It did cross my mind that they might be waiting hoping for a better offer to come in before accepting ours. (B......s!) That makes my blood boil actually as I can't see anyone else paying more than our offer as anyone would have to do the necessary improvements. They are willing to wait until the market picks up again I think.

I absolutely agree that our (my!) impatience is only making things worse but it is very difficult to go away and relax when our sale is progressing and we want desperately to have it all sorted. Our EA is worried it will hold up our sale but it can't/won't because we have said (easier said than done though) that we will find somewhere to rent or squash into a friends with all the stuff in storage rather than make a hurried decision on another house and it be a mistake. All that costs money, though, doesn't it?

Anyway, we haven't time to go and look round any other houses before Tuesday so we can't do anything positive before the following week. I have never heard of anyone so intransigent or so determined to make everything so awkward before. It does make me a little worried for what other trouble they could cause if the sale went ahead. I think we tend to expect everyone to treat us as we treat others - fairly and truthfully and it's a hard lesson to learn that not everyone is like us.

Running_Horse

chickmug wrote: »

I found that when you come across this type of seller they can be very stubborn and do what they want & in the time scale they choose.

This type of seller? The OP has already shown them he/she wastes time with low offers that then get raised. Having wasted time they now want everything done double-quick? I would take my time considering if it was me.

chickmug

Running_Horse wrote: »

This type of seller? The OP has already shown them he/she wastes time with low offers that then get raised. Having wasted time they now want everything done double-quick? I would take my time considering if it was me.

BUT OP said that the EA said the offer should be OK?

Some sellers, whatever the level of offer, can be bloody nightmares.

Those that say we need overnight to think about it are fine.

Those that say we need a week and will not budge are not.

And I did come across the latter more than once.

Running_Horse

Fair enough. But if a buyer has been inching up to the price they were told right at the start, then no wonder the seller is in no hurry.

chickmug

Running_Horse wrote: »

Fair enough. But if a buyer has been inching up to the price they were told right at the start, then no wonder the seller is in no hurry.

Suppose it is just very stressful all round. It was for me, as an agent, (see the last short sentence on my signature). All the messing about for year after year and getting worse drove me nuts:eek: