Offer submitted, how long does it take for a response

avenida

Hi

So I submitted an offer on a property first thing this morning and agent said he would contact other interested parties regarding their offers (there are no other offers yet on the property)

My house is far on in its sale and has been surveyed.

I told the agent I needed a quick response. He said he would get back to me today but hasn't. I offered 5% less than the asking price. The property has only been on the market for 2 weeks.

So question is, how long does it usually take for agent to come back with a reply?

lee111s

It all depends really. The client may have to work through the sums, consider what they'll be able to offer on their bext property, they may have to discuss it with their partner etc, they might work long hours and can't have their phone on so might have to pick up voicemails etc.

If you haven't heard by tomorrow lunch time maybe give them a call to chase up.

DRP

A day or so should be plenty of time.

As a reminder, Give him a call tomorrow and tell him you are in the process of arranging viewings for this weekend so you need an answer.

avenida

Thanks guys, all good advice.

Was just a bit concerned that if I rang tomorrow I would sound to over over eager (even though we are) and they might push for more money?

thequant

NEVER chase an EA at the offer stage, this is the one time you can make a an EA work for you.

At this point, the EA is neither working for you or the vendor, just himself as it's job to put a deal together.

Naturally vendors want more, buyer want to pay less. It's the EA job to spot the who will weaken first at this point.

If your vendor is wanting more money and you are showing signs of being anxious, the EA will come to you first to up your offer rather than pressure the vendor to lower theirs.

in response to your question, it's typically slower than the EA indicates (that's deliberate) but should be a day or so.

If you know you are the only offeror or the place has been on a while (In excess of 3 months). Then play it cool!

DRP

thequant wrote: »

NEVER chase an EA at the offer stage, this is the one time you can make a an EA work for you.

At this point, the EA is neither working for you or the vendor, just himself as it's job to put a deal together.

Naturally vendors want more, buyer want to pay less. It's the EA job to spot the who will weaken first at this point.

If your vendor is wanting more money and you are showing signs of being anxious, the EA will come to you first to up your offer rather than pressure the vendor to lower theirs.

in response to your question, it's typically slower than the EA indicates (that's deliberate) but should be a day or so.

If you know you are the only offeror or the place has been on a while (In excess of 3 months). Then play it cool!

Disagree with this tbh.

There is an aspect of play it cool, obviously. But in this instance I would be finding out an answer form the ea. If you want to e poker faced then don't come back with a counter offer (assuming they reject the first one) for a few days.

I've always preferred the get the deal done type of approach.

Make offer 10-15% below market price (or 10% under your max budget, whichever is lower). Tell em it's a good offer and that's all you can afford.

They say no way.

Up your offer a significant amount, say 3-6%. Tell them now you have eaten away your contingency budget and that's it.

They say yes or if they say no.

Come back with a final offer of 900 or 1200 quid more and come up with a 'my parents helped us out' sob story.

THe vendor accepts and they and the ea feel like they squeezed a good deal out of you, whilst you're hopefully paying under your max budget.

it worked ok for me twice. The agreements got done quickly with no messing about and no waiting weeks or over weekends trying to bluff them that you're not interested.

avenida

thequant wrote: »

NEVER chase an EA at the offer stage, this is the one time you can make a an EA work for you.

At this point, the EA is neither working for you or the vendor, just himself as it's job to put a deal together.

Naturally vendors want more, buyer want to pay less. It's the EA job to spot the who will weaken first at this point.

If your vendor is wanting more money and you are showing signs of being anxious, the EA will come to you first to up your offer rather than pressure the vendor to lower theirs.

in response to your question, it's typically slower than the EA indicates (that's deliberate) but should be a day or so.

If you know you are the only offeror or the place has been on a while (In excess of 3 months). Then play it cool!

This is what I thought, if I chase they will sense that we are desperate for the place. The property has only been on the market 2 weeks

avenida

DRP wrote: »

Disagree with this tbh.

Make offer 10-15% below market price (or 10% under your max budget, whichever is lower). Tell em it's a good offer and that's all you can afford.

Oh dear we went in with our final and best offer!!! I know the house is on at a really good price as others in the same area, exact same house have sold recently for 25K more that this one is on the market for. The agent said they want a quick sale.

So as we have went in with our best offer I'm not gonna chase. I told the agent if they don't take this we need to know to persue other properties

thequant

DRP wrote: »

Disagree with this tbh.

There is an aspect of play it cool, obviously. But in this instance I would be finding out an answer form the ea. If you want to e poker faced then don't come back with a counter offer (assuming they reject the first one) for a few days.

I've always preferred the get the deal done type of approach.

Make offer 10-15% below market price (or 10% under your max budget, whichever is lower). Tell em it's a good offer and that's all you can afford.

They say no way.

Up your offer a significant amount, say 3-6%. Tell them now you have eaten away your contingency budget and that's it.

They say yes or if they say no.

Come back with a final offer of 900 or 1200 quid more and come up with a 'my parents helped us out' sob story.

THe vendor accepts and they and the ea feel like they squeezed a good deal out of you, whilst you're hopefully paying under your max budget.

it worked ok for me twice. The agreements got done quickly with no messing about and no waiting weeks or over weekends trying to bluff them that you're not interested.

Agree with the "get the deal done type of approach", but mine which has always worked, is work out the price I'm happy with (which is low).

Then offer at a few K less than that, for a non rounded sum, e.g. £223k not £220 or £225K.

Then up the offer a couple of £k.

This works for me I think at the counter offer stage, as it shows your movement is small and you are at near max budget.

DRP

Fair enough OP

No one can give you the perfect game plan, you just have play it it by ear and convince the ea that your offer is a good one and they can't squeeze a drop more out if you!

Tbh it would be difficult when the house has only been on the market a few weeks to get the vendors to discount their asking price

avenida

DRP wrote: »

Fair enough OP

No one can give you the perfect game plan, you just have play it it by ear and convince the ea that your offer is a good one and they can't squeeze a drop more out if you!

Tbh it would be difficult when the house has only been on the market a few weeks to get the vendors to discount their asking price

Yep when the agent comes back I will be firm and tell them that is it, no more and in all honesty there is NO more that we can offer!

I wonder though how many more viewers they will get this close to Christmas! All depends on how desperate they are!