Made an offer - no response

AndyAtu

Hi,

A few days ago I went to view a property. The agent said that the owner has had a few offers but always reject them but is keen to sell so would go for the right offer. The neighbours have said that the house has been on and off the market for about 3 years now. The owner doesn't live there, never has, it's either an inheritance or investment purchase.

The following working day, early morning I made an offer at 5% less than the asking price. There is no central heating, the front door looks like the house's been broken in so it needs immediate replacing. The house also needs repainting and the garden is in a terrible shape. I've said to the agent that I know it's been on the market for a long time so is the seller really looking to sell? I need an early completion date, that's why I'm making a reasonable offer but I need to hear from him soon. Agent said he'd get back to me before end of day.

It's been over 72 hrs since and I've not heard back from him.

Is he wants more than that, that's fine. But we can't negotiate if he doesn't respond at all.

What would you suggest I do?

G_M

Wait.

Seller is

* on holiday
* busy at work
* dealing with the probate (inheritamce?)
* thinking
* waiting - maybe a better offer will come along, maybe it won't
* arguing with the other Beneficiaries of the will

There are 1001 reasons for the delay (actually it's not a delay!) - all of them valid.

You've made your offer, now wait for the reply.

quidsy

In the mean time, keep looking at other properties & make the agent aware that you are too.

ellie27

If you viewed on Monday I would call today and say I was hoping to have heard back by now as I have another house in mind and I would like to start proceedings as I need an early completion date.

Agent would probably give the vendor a bell.

Good luck

quidsy

Why lie? Just ask why no response.


If the vendor is mulling it over say you need a response by Friday or the offer is withdrawn.


Why waste time ? The vendor either wants to sell or doesn't.

AndyAtu

Thanks GM.

There are no other beneficiaries as far as the agent knows.

And from what the neighbours were saying and what it shows on zoopla, it looks like he bought the property from the deceased previous owner before she passed away so no probate.

The agent said he's passed on my offer and the vendor said he needs to check with gf but will get back to me within 24hrs.

But what worries me is that the property's been on the market since Dec with this estate agent and for another couple of years before that w/ 2 other agencies.

Most properties in our area, at that price and in that state , I. E.needs some work done, usually receive and accept an offer in a few days.

I'm worried whethet he's genuine.

AndyAtu

Hi Ellie,

Viewed Sat, made an offer Mon 1st thing.

ellie27

I would assume that since the house has been on and off the market in the last few years then the price has dropped?

If not, then I think the seller is unrealistic and I would walk away.

We have bought a house that has been on market nearly 2 years, but in that time it has dropped by 10%

Windsorcastle

I agree that you should give the EA a deadline by which you need a response or your offer is withdrawn. It's discourteous of the vendor to sit on offers while waiting for something better to come through.


Having said that, buyers should realise that it is not necessarily on to reduce your offer because of things like the house needing decorating and the garden needing sorting. These are very superficial matters and the vendor could justifiably say that the asking price reflects these things as they are glaringly obvious!

giddypenguin

You say the agent said they are keen to sell, but then it's been on the market for 3 years- doesn't sound like they are in any rush. My guess is they want an unrealistic price (who no one in the previous 3 years has been prepared to offer) and are going to wait for it.

AndyAtu

Hi Windsorcastle;,

The asking price is the average for the area si he is not really taking into consideration the further investment needed into the property.

But my initial post was just to give everyone an idea into the circumstances.

When I spoke with the estate agent I said I was happy to make a reasonable offer, despite minor issues, as long as vendor was happy to agree with an early completion date. The only reason I asked for the 5% discount was to cover the costs of getting central heating in and replace front door.

Even that is open to negotiation, as long he would get back to me...