Making an offer help

casson2006

If you make an offer on a property do the estate agents have to ring you back and let you know what the vender has said?
I am probably being impatient but me and my partner are FTB's and new to it all.
Viewed the property on Saturday and then rang and made an offer today-Sunday. I am assuming we haven't heard back as its a Sunday, but just wondered say if the vender didn't accept it, do they give to inform you?

Thanks

hcb42

yes, they will inform you. And probably ask you to increase it

Bill23h

The EA is obliged to put all offers to the vendor, however low. However, they are not obliged to answer you with any more than 'yes' or 'no'.
If you only made the offer yesterday, I doubt you'll hear back today. Maybe the vendors are thinking about it and discussing their options. Maybe they are having to make a reduced offer on the place they're buying. Not unreasonable to give them a few days to consider it.

Simon354

I waited nearly a week to hear if my offer was accepted. Was painful but hopefully worth it.

casson2006

Thanks for the replys! I am just being in patient lol. Hopefully hear something tomorrow!
Aww no a whole week? That's torture!

lizards

You just don't know!

I've actually offered asking price (or close enough) all three times I've been buying. Heard back within hours with all three - think all were a Saturday as well. I'm guessing offering close to asking speeds things up, whereas a lower offer or even a cheeky punt will likely take a lot longer unless it's so cheeky it's ruled out right away!

Whilst it's probable I could have offered less and had it accepted, I actually don't mind paying the asking price if a) the property is worth it to me especially as every place I've bought has intended to be long term and b) a seller is more likely to respond quickly to the offer and and less likely to get me gazumped later on especially in a buoyant market. I don't handle the stress of housebuying well at all so I'd rather pay a little over what I might have got away with to reduce the chance of complications!

Good luck, I hope you hear soon.

casson2006

Yeah maybe if we had rang on Saturday we might have heard back. But by the time we'd got home (as we are re locating a hour away) and had a talk about it all the estate agents had closed at 3pm.
The house is up for £160,000 and we offered £157,000. We can afford to go up to asking price, but just testing the waters.
Thanks for the advice, I can ivision it being stressful. We have to be out of our rented property in 6 weeks and also me and my partner start new jobs soon, so it's all hectic!

paulsad

Not testing the water by much though?

casson2006

It's all be recently refurbished- new floors, kitchen etc, includes built in washer/fridge/dishwasher, new extension etc. We really like it and it only went on the market on Friday so we did want to make a serious offer!

casson2006

I meant we did want to make a serious offer

lizards

We're in a similar boat with rented right now which is another reason we went in at asking! Can't afford to waste any time and so much at risk. Sounds like your offer is as good as asking pretty much, so hopefully you'll hear back really soon.