Time between putting an offer in and getting an answer

babymoo

Hi

I realise this may sound a bit weird. I'll try to put it simpler. We put in an offer on a house yesterday. We have previously put in 2 lower offers on the house before both were turned down within a couple of hours.

We put the offer in yesterday dinnertime and the estate agents rang back within an hour to say they had spoken to the vendor and they were going to sleep on it. We have still not heard anything back, is this a good sign? Our offer is £7k short of the asking price.

Its very exciting but very stressful, I hate not being in control lol.

How long did you wait before accepting an offer?

Thanks

G_M

Could be a good sign.

Might not be.

No way to know.

cattie

7k under the asking price sounds good, they would be mad not to accept in the current climate. Fingers are crossed for you!

Gonzo33

I would say it depends on the area whether that is a good offer or not, but with the vendors sleeping on it I would take it as number crunching time and potentially a deal to be had.

babymoo

Thanks for the replies. Unfortunately they have turned us down. We are totally gutted but nothing we can do about it.

We offered them £7k over what they bought it for 2 years ago and by their own admissions they have only spent £2k on the house since living there. They say they can't afford to lose that much on the house and that they need at least £90k before they can settle, it is on the market for £95k.

Our advisor has told us that it would only be worth £85k anyway so we went over that knowing we would have to put more of our own money into it which is fine.

Totally gutted now. Sigh. Perhaps it is not the house for us after all.

Doshwaster

If the seller has to go away and "think about it" then it's usually a good sign.

My first two offers were rejected within minutes but it took them a weekend to accept my third and final one.

GAH

As dis-appointing as it may seem, there is always a better house around the corner.

Gonzo33

I agree with GAH.

phoebe1989seb

Whilst I appreciate that they cannot afford to sell for less, they do appear to be unrealistic in their expectations......to want £7k more than they paid two years ago when they admit to only spending £2k on the property seems rather deluded.....unless prices are rising in that particular area.......

When we sold our house last year we had spent around £40k on restoring it, but sold for £25k less than we had paid three and a half years previously

As other posters have said, I'm sure something better will come along.....good luck op

babymoo

Ta all. I think they are being very unrealistic. Prices are certainly not on the up around here. Our biggest thing is there are no more 3 bed houses with gardens, drives and a garage anywhere near our price range and we do genuinely love this house. We're scared of someone coming in and offering the asking price to them but on the other hand we're well aware that it very unlikely.

We're happy to sit on our money and wait for them to come to their senses, in no rush to move and no chain our end. I would just rather it be done sooner rather than later lol.

googler

You could always put your offer in writing with a stipulation that it be accepted or declined by 5pm the same day, or it will be assumed to have lapsed....