Waiting games

kilby_007

With the most recent property we've offered on, the vendor poured their heart out during our viewing, about seeing their dream property and wanting a swift sale. We went in at what is a reasonable price, 20K under the asking price. I don't feel that the monetary value of the house is any higher than we've offered, however it ticks a lot of boxes for us. We could afford more, but a) I'm a Yorkshireman and b) We're in a very strong position (no chain, able to compete quickly).

We seem to be in the "waiting game" phase with the estate agent. They initially said the vendors needed time to think about our offer, and then 48 hours later they said they were looking for "a bit more". I find this really frustrating because it seems like an estate agent's "off the shelf" response to any first-offer near to the asking price, so I just reiterated my position and said that they should get in touch if they change their mind. I'm fairly confident that they'll be back in touch but the obvious worry is that another buyer comes in and snaps it up (but also baring in mind it's a somewhat stale market where I am at the moment).

Does anyone else have similar experiences to this standard response/wait and test of nerve?

Cakeguts

It sounds as if the vendors have had the 48 hours to think about your offer and have decided to reject it. You did say that you offered 20k under the asking price. This might be all it is worth to you but the sellers are obviously hoping that it is worth more to someone else.