How long do you give vendors to reply to offer?

arthur_22

I'm in negotiations for a property, and have made several offers. The first one was declined very quickly, but the next took much longer - really only a couple of days, but felt like three weeks. I'm new to this stuff - how long is a reasonable period time for vendors to reply? Don't want to do that Kirstie and Phil offers only there for 24 hours stuff, but don't want to have heart attack either from the stress...

Should I be asking for a reply in a specific timeframe?

googler

Yes.

It's standard practice in Scotland for an offer to carry a 'verbal acceptance by 5pm today/tomorrow and written acceptance within 5 days' type of clause.

Did you offer in writing or verbally?

G_M

Normally no.

Of course you can withdraw your offer at any time, or set a time limit which automatically withdraws it after X hours/days/weeks.

But let';s face it - it's a costly business. It's a big decision. Of course vendors want to maximise their price. Maybe there are other viewings booked. Or people who've viewed and are 'thinking it over'.

Not unreasonable for the vendor to wait and consider all offers together.

Of course if you put undue pressure on the vendor through a time limit they may just ignore you. Or accept, then get a higher offer next day/week and guzump you because they resent having been put under pressure.

Be patient. It's a stressful business buying houses. Get stressed this early in the process and you'll be a complete wreck by the time you're dealing with the morgage, the surveyor, the solicitor, the chain...........

getmore4less

arthur_22 wrote: »

I'm in negotiations for a property, and have made several offers. The first one was declined very quickly, but the next took much longer - really only a couple of days, but felt like three weeks. I'm new to this stuff - how long is a reasonable period time for vendors to reply? Don't want to do that Kirstie and Phil offers only there for 24 hours stuff, but don't want to have heart attack either from the stress...

Should I be asking for a reply in a specific timeframe?

how long after each offer was rejected did you make the new one?

Doozergirl

Taking time to reply an offer is a good thing for you. It means they are seriously thinking about it! As a vendor I will always reject an offer quickly because I want to be seen as decisive

Always take time yourself with any counter offers. It makes them worry the same as you are worrying now. Except it's a good thing for you that the vendor takes their time. It's not a good thing for a vendor when a buyer takes their time with offers after the first couple - they will start to worry and often revise the price they will accept slightly downwards.