How long should I wait to see if an offer is accepted before looking at other houses

onix22

We found a house which we like and it has been on a the market for a few months now. The owners haven't received any offer yet, and I assume it is due to the fact the property is on a corner plot with a very exposed garden.

We put a lower offer than asking price, and we went up by 5k final offer. EA called us back asking for 10k more. We disagreed and were very firm telling this is our best and final offer. Two days have passed and we still have no answer from the EA.

What is a reasonable amount of time to wait for an answer?

I also found out the buyer is desperate to sell and he will accept a lower price than asking.

Tixy

I wouldn't have stopped looking at other houses.

Are you sure the EA is expecting to come back to you at all?

If the last contact was
EA - 'your offer is declined and you'd need to increase it by £10k'
You - 'sorry that is our best offer'
then that sounds like you have already had your answer, as have they.

LeoTLion

If the agent said they want 10k more and you declined to up your offer, then I would guess your offer has been rejected.

I think it's safe for you to start looking at other houses now.

Unless you want to up your offer that is.

Landofwood

Why stop looking at houses?

missbiggles1

Rather than actual amounts, what % are you talking about?

onix22

12 % lower than asking.

SplanK

Sometimes sellers cant see past their house valuation, even with evidence of market value.


It could also be they have a minimum they need to achieve otherwise they wont be able to get what they want next.


I am with the others, don't stop looking. I am now almost 3 weeks into buying our next one, BUT I still keep an eye on right move just in case things fall apart, at least I will have a number of houses in my "to look at" list!

King_Slayer

I think that was their answer 'they would like 10k more' if you've refused, then I suggest that you keep looking. If you're really interested in the house, call and inform the EA that your offer will stand until you find another property. (However I won't stop looking)

onix22

The house is inherited form the deceased mother. So it is extra income for the buyer. if he is desperate to sell, would he jeopardise to lose his only offer for a few extra quid?

KRB2725

I would arrange to view another property with the same estate agents. Whilst they may have no influence over whether you offer is accepted or not, they may pass on to the vendors that you are looking elsewhere.

If the vendors rejected the offer thinking that you would increase, it may make them realise that your best and final offer was just that. As somebody else has said though, they may need a certain amount in order to be able to sell.

Pixie5740

Is the seller reliant on the sale of this property to purchase another property? From the scenario you are describing I would say that they are not (I'm assuming that the seller doesn't currently live in the property) which means the seller isn't desperate and can take his/her time to sell.

If you really like the house then offer £10k more, if you don't then find somewhere else to buy.