how long before vendor accepts offer?

STAR_BUCK

:rolleyes: Hi

My hubbie and I put an offer in for a house last tuesday. First offer was rejected so we upped it by 5k and submitted second one on thursday. Agent said he couldn't get hold of vendor. Foned again yesterday and he said that the vendor was thinking about it and wanted to talk to her son first before deciding. The agent did say that he thought our offer was reasonable. So how long have other buyers waited to get a decision? We're FTB so this is all new to me.

thanks

Astaroth

It all depends on the vendors situation, if the property is new to the market they may just wait and see if they get higher bids. If they arent desperate to sell they may be wanting to see what happens.

I have known bids to be accepted in minutes and have known it to take weeks.

Jay1b

Bascially they are holding out for another offer. Stalling... Phone the estate agent and say "I need to know whether my offer is accepted or not by *1.5/2 days time* as i've found another house i would like to put an offer in on". Also make sure that the offer if accepted would mean that no more showings or offers are made on that property.

STAR_BUCK

Update: I just rang the estate agent and basically the vendor wants us to upp our offer by another 5k. So i pulled out the line about how we've found another house which we might make an offer on so need a decision quite soon. Apparently there are some viewings booked for this house so the vendor is holding out to see if someone else offers higher.

Anyways we're going to stick to our guns and hope that no one else places an offer in the meantime.

lightspeed

We had a similar situation with the house we eventually purchased. You are doing the right thing by sticking to your guns. Once you get attached to a house it is very easy to keep creeping up above what you were initially intending to pay.

Set a limit and dont go above it without a justifiable reason.

Good luck