How long did you take to respond to offer on your house?

Flosmum_2

We just had our offer accepted after 3 weeks but this was due to the vendor being in hospital. They might be at work all day and picked up the ea voicemail after closing!

Browntoa

Last time I moved my buyer made an offer on Monday but I told the estate agent I wanted to look at some properties at the weekend before deciding , my buyer obviously misread this and upped their offer on the Friday , which I accepted. They never knew that I MAY have accepted the original offer if I had seen anything at the weekend ( which I did) and my finances worked out

hazyjo

If they accept the revised offer, I'd be inclined to let them know I'm still looking. Don't spend a penny until the whole chain is complete. If they can't find somewhere, they will more than likely take it off the market.

Also wouldn't have upped my offer in your shoes - not without a complete chain. Oh well, bit late now. Hope it all works out.

If they didn't accept my offer, I would withdraw it and say you'll be more than happy to offer again when the chain is complete. By leaving an offer on the table, you're just making it more attractive to other viewers.

Jx

DRP

Good luck with the purchase, OP.

One thing i dont understand, is the expectation of a counter-offer. I don't think (monetarily) there is any advantage to the vendor in providing a counter-offer.

Yes it may get the deal done quicker, but the bottom line is cash, and the vendor is trying to see how far you will go. IME a 'counter-offer' is usually limited to "the vendor wants to get very close to asking price".

Not much help if trying to achieve a discount.

ElsieMonkey

Thanks all. Yes I agree about not spending any money until on survey etc. until she has found somewhere and started proceedings herself. I hadn't thought of this until it was mentioned, so thanks. We've owned 3 properties and every time have been lucky that there was no chain, so entering into a transaction with someone who still has somewhere to find is new to me.

TBH we're more than happy to pay asking price, as we feel the house is priced fairly. However, we offered slightly lower with the thought that more often than not people list properties at prices expecting at least a small bit of negotiation.

Our revised offer went to her end of play yesterday, so was expecting to hear back this morning. Haven't heard anything yet. I've been told by the EA that she is a bit hard to get hold of because of her work - but seriously, what kind of job can you not even get to your phone in your lunch break?! Waiting to see if she contacts them back at the end of her working day, as EA is open until 6pm. Alarm bells are starting to ring a bit - does she actually want to sell her house or what?! We were very motivated sellers, and are the same as buyers. If this is a sign of things to come, it doesn't bode well...

If we do secure this house we will most certainly be keeping our options open!

ElsieMonkey

DRP wrote: »

Good luck with the purchase, OP.

One thing i dont understand, is the expectation of a counter-offer. I don't think (monetarily) there is any advantage to the vendor in providing a counter-offer.

Yes it may get the deal done quicker, but the bottom line is cash, and the vendor is trying to see how far you will go. IME a 'counter-offer' is usually limited to "the vendor wants to get very close to asking price".

Not much help if trying to achieve a discount.

Don't expect a counter offer, but personally when I've received offers that are very close to asking price I have often gone back with a counter offer, just to ease negotiations and get things done and dusted. I've always wanted to leave the buyer feeling good about the purchase, so I take the view that there needs to be a bit of meeting in the middle and give and take.

GaggingOrder

Try not to overthink it. There could be lots of reasons why she struggles to find time. I know my boss often doesn't even have time for a lunch break, she's that in-demand

ElsieMonkey

ellie27 wrote: »

You are willing to give 3-4 months to find somewhere? I think that is mad! On that timescale you will be lucky if you are in the house by Christmas! You have forked out a lot of money, over what you wanted to pay so I would calling the shots on this one!

Back to your original question...if I made an offer in the morning I would expect to find out by the end of the day. We put an offer on a Saturday morning and had to wait til Monday morning to hear but that was a separated couple, who were not living together, and one had to get in touch with the other etc.

Good luck

Do you think 3-4 months is too long to give her to find somewhere? I wasn't sure as the 3 properties we have owned luckily have always not been part of a chain, so have never had to consider this before.

I know people often have to wait for offers on their own properties before then being able to offer on properties themselves, so this isn't unusual, and is probably the norm. But how long would you give someone to find somewhere then? (We will be quietly keeping our options open by the way, looking at other properties, especially those that are chain free. Sneaky maybe, but I've learnt from experience that no one else will be looking out for our interests).

ElsieMonkey

GaggingOrder wrote: »

Try not to overthink it. There could be lots of reasons why she struggles to find time. I know my boss often doesn't even have time for a lunch break, she's that in-demand

Thanks Hope you're right. I just wonder if I would want to enter into such a complicated drawn out transaction with someone who is so unresponsive, no matter how innocent the reasons for their lack of responsiveness.

ElsieMonkey

hazyjo wrote: »

If they accept the revised offer, I'd be inclined to let them know I'm still looking. Don't spend a penny until the whole chain is complete. If they can't find somewhere, they will more than likely take it off the market.

Also wouldn't have upped my offer in your shoes - not without a complete chain. Oh well, bit late now. Hope it all works out.

If they didn't accept my offer, I would withdraw it and say you'll be more than happy to offer again when the chain is complete. By leaving an offer on the table, you're just making it more attractive to other viewers.

Jx

Thanks Hayzyjo We upped our offer because we would actually be more than happy to have it at asking price if I'm honest. It's been on the market for over a year, I think partly due to her not giving the EA more than 1 hour per week for viewings, apparently! It sold recently but apparently the buyers couldn't afford the mortgage they needed. The advertised price hasn't changed in all that time. Last year I would have said the advertised price was a little optimistic, but prices have risen in the area and the price now seems very reasonable. I feel like it could be getting a property at almost last years prices. Part of me wishes we just went straight in at asking price and had done with it.