How long to wait for response to offer?

beefturnmail

Hi,

I'm a ftb, just put in a verbal offer on a property and 3 days on, have heard absolutely nothing. Offer was slightly (~5%) under asking price, so not so low it would be ignored? How long is it typical to receive a response? I'm also not really sure I trust the EA to have passed it on - they seem ditzy and have just texted me today with a load of other properties, none of which match my requirements. How can I be sure they've passed it on...? Don't want to phone the EA back and appear too keen... Should I 'follow up' the verbal offer in writing to the EA and/or vendor? Or am I being too impatient? Any advice would be much appreciated!

Thanks

Ankatden

Its August and holiday season so Vendors may be away or considering the offer so give until Friday morning and then state looking at other properties and really keen on one, gets EA to focus vendor on giving a decision.

googler

If the sellers are away on holiday, why hasn't the EA phoned back to say 'The sellers are on holiday, you'll get an answer when they return' ...

googler

Similar thread from yesterday;

https://forums.moneysavingexpert.com/discussion/2666903

As I said there, if you'd put a written offer in, stipulating that the vendor or their agent must respond within a set timeframe, else your offer would be automatically regarded as withdrawn, you wouldn't be on tenterhooks at the moment.

Why don't folks in E&W do this?

vickitoria6232

Ring the Estate Agents and badger them. It's your right to know.

Similar situation: I put an offer on a reposession last Wed but didn't provide documentation until Mon. Today I rang to see what was going on and was told someone else had offered higher yesterday! I complained about not being kept in the loop and was told 'the bank wouldn't be considering any offers until the property had been marketed for longer' (I put the offer in the day it went on the market.)
I don't trust EA as far as I can throw them: 3 diff agents have told me 3 diff things in 2 days and they were also offering me various other properties despite me putting an offer in. I rang the lender who owned the property - took a while to get to the right person but worth it - seems my offer has never reached the bank(!) and apparently they should have passed it on to the lender the day I submitted it despite me not providing documents straight away.
Bank annoyed to say the least, me more so as I have cancelled various viewings on other properties as I honestly thought we stood a good chance as I offered the asking price and we're not in a chain. Also, we have a mortgage in place and a solicitor ready.
Bank ringing me back tomorrow to clear this up...to be cont.

Don't mind if a legitimate offer of more than we're prepared to pay gets the house but there has to be some protocol observed. ACUMEN ESTATES are the agents if anyone's interested...wouldn't go near them if I could help it. I's advise others to stay away too.

Ankatden

If its a repo then Bank will insist that property is shown with offer and stating to make another offer before contracts exchanged and IF they find offer not passed on they will dump EA and cancel sale.

lee636

Don’t see how would appear too keen. Call them and firmly ask what the situation is, you have other properties to see and don’t want a lot of wasted time for several parties if this offer is under consideration, let you know by the end of today one way or the other else the offer is retracted.

If your selling your house and you go away then you let your agent know - if a seller is stupid enough to go away and not tell anyone then they deserve not to sell their property.

elvis_girl

beefturnmail wrote: »

Hi,

I'm a ftb, just put in a verbal offer on a property and 3 days on, have heard absolutely nothing. Offer was slightly (~5%) under asking price, so not so low it would be ignored? How long is it typical to receive a response? I'm also not really sure I trust the EA to have passed it on - they seem ditzy and have just texted me today with a load of other properties, none of which match my requirements. How can I be sure they've passed it on...? Don't want to phone the EA back and appear too keen... Should I 'follow up' the verbal offer in writing to the EA and/or vendor? Or am I being too impatient? Any advice would be much appreciated!

Thanks

I also put in an offer today (second time buyer) & I'm kicking myself that I didn't give the EA a time frame to respond! I imagine they have to go back to all the interested parties to try & increase the bid, and I also think they use delaying tactics to try & psyche buyers out but I still think 3 days is a bit long. I'm phoning again tomorrow lunchtime to tell them I want an answer by end of play tomorrow as I have other options. Let us know how you get on & good luck.
This is why everybody hates Estate Agents!

Ankatden

lee636 wrote: »

If your selling your house and you go away then you let your agent know - if a seller is stupid enough to go away and not tell anyone then they deserve not to sell their property.

That is just daft.

Seller like everybody else want to get the best price and holding for a few days in normal or would you prefer to be told Yes and then 3 days later someone bids £3k more and then lose it.

beefturnmail

Well i have a letter today from EA confirming offer, so at least I know it's been passed on (which was my main concern). I'll leave it a bit longer to see if the vendor comes back.

beefturnmail

Thanks all for advice - I have an update. Initial offer of 95% below asking price has been rejected. Apparently vendor bought for 15% above asking in 2007 (have verified this as correct) and thinks asking price is reasonable reflection of how far property market has fallen. EA said next offer must be between asking price and what they paid for it, but also said they've not had that much interest. Wife also happens to know a neighbour and has found out that they're apparently keen to move and neighbour has not seen many people viewing property. I would pay asking price or maybe slightly above (Say 2%). I'm not 'in love' with this particular property but could happily live there (there are several similar properties on market but on for a bit more) and also not desperate to move. What do you reckon my next offer should be? Slightly closer to asking price but still under? how long to wait until placing it - say Monday/Tuesday?