Made an offer... Nervous wait

studentguy

Hi folks,

We saw a house on the weekend and really liked it so put in an offer of 154k, straight away on an asking price of 157k. Its really nerve wracking because they're still doing viewings

We thought that offer was pretty good, but it seems obviously not enough for them to snap my hand off!

I'm a first time buyer and they have an offer accepted elsewhere, so allegedly are pretty keen to move on.

What are my chances do you think? How long should I give them to decide?

kilby_007

Have they rejected your offer? Or are you still waiting on a response? If you've offered very close to the asking price and they haven't got back to you yet, I'm guessing it hasn't been on the market long so they're waiting on other offers, and/or there's another offer on the table and they're waiting for an increased offer from that party before coming back to you. Certain areas are still accellerating despite other areas stalling. I live in Hull where houses aren't shifting, but my brother in law lives in York and he's getting loads of offers around/over the asking price for his house.

ElsieMonkey

What area is the house you've offered on OP?

And how long has the property been on the market?

Do you have your mortgage in principle etc. in place and did you ensure you highlighted your position to the estate agent when you put in your offer? Did you follow up your call with an email to confirm your offer/position?

studentguy

kilby_007 wrote: »

Have they rejected your offer? Or are you still waiting on a response? If you've offered very close to the asking price and they haven't got back to you yet, I'm guessing it hasn't been on the market long so they're waiting on other offers, and/or there's another offer on the table and they're waiting for an increased offer from that party before coming back to you. Certain areas are still accellerating despite other areas stalling. I live in Hull where houses aren't shifting, but my brother in law lives in York and he's getting loads of offers around/over the asking price for his house.

They haven't rejected it, they are still considering it according to the EA. No other offers yet as far as I know, but other viewings scheduled. Hasn't been on the market long, but my concern now is they're going to tell every viewer that there's been an offer for 154

TrickyTree83

studentguy wrote: »

They haven't rejected it, they are still considering it according to the EA. No other offers yet as far as I know, but other viewings scheduled. Hasn't been on the market long, but my concern now is they're going to tell every viewer that there's been an offer for 154

They might, they might not. You won't know either way.

If they did divulge the offer amount I think they're in breach of some regulation or code of conduct (I can't quite recall) but to be honest you won't know if they did or didn't so does it matter?

Ultimately you need to wait for a response. Either it'll come back positive and they accept or negative and you have a choice to walk away or up your offer to try to persuade the seller to go with you. If you're bidding against a cash buyer price might not be the most important factor.

keith969

studentguy wrote: »

How long should I give them to decide?

Don't put all your eggs in one basket, keep viewing other places. You're just one possible buyer to them, they will probably want to see what offers they get before deciding. And you might find somewhere you like better.

ElsieMonkey

I'd confirm offer in email and state in the email that my offer is on the table until end of day Friday (to avoid them using it to push up offers from other viewers at the weekend). Depends how much you want it...but it would also suss out how much and how quickly the vendor wants to sell it.

alchemist.1

TrickyTree83 wrote: »

They might, they might not. You won't know either way.

If they did divulge the offer amount I think they're in breach of some regulation or code of conduct (I can't quite recall) but to be honest you won't know if they did or didn't so does it matter?

Ultimately you need to wait for a response. Either it'll come back positive and they accept or negative and you have a choice to walk away or up your offer to try to persuade the seller to go with you. If you're bidding against a cash buyer price might not be the most important factor.

What regulation is that? It has been very common for estate agents to tell us what has been offered on a number of properties to encourage improved offers.

seabass90

studentguy wrote: »

Hi folks,

We saw a house on the weekend and really liked it so put in an offer of 154k, straight away on an asking price of 157k. Its really nerve wracking because they're still doing viewings

We thought that offer was pretty good, but it seems obviously not enough for them to snap my hand off!

I'm a first time buyer and they have an offer accepted elsewhere, so allegedly are pretty keen to move on.

What are my chances do you think? How long should I give them to decide?

An exciting but nerve-wracking time - I know exactly how you feel!

I'm guessing you put the offer in on Saturday? If it were me, i'd be ringing up the end of tomorrow to see what's what. I know some people may disagree, but that way you've given the seller plenty of time to think about it, shows that you're keen (but not overly so) , and also gives you the opportunity to say something to the EA like "I wanted to know if there have been any updates with my offer? I'm looking at other properties and want to know my position".

Hoploz

ElsieMonkey wrote: »

I'd confirm offer in email and state in the email that my offer is on the table until end of day Friday (to avoid them using it to push up offers from other viewers at the weekend). Depends how much you want it...but it would also suss out how much and how quickly the vendor wants to sell it.

I would not put an arbitrary cut-off in.
1) it makes you sound fickle, ie I won't be wanting to buy it by Saturday. In fact, I might pull out if something better comes along later on, as I'm just not that into it
2) you would still be interested in Saturday if it were a yes, wouldn't you? No point lying!

AnotherJoe

A bit late now but if I'd really have liked it I'd have just offered full asking price as long as they took it off the market. Now you've opened it up for others to offer more, perhaps start a bidding war. That could still have happened but you had a chance to close the whole process down. By offering a fraction under FAP they have a reason to wait a while and see what happens. With FAP they are more likely to say or no at the time

I hope you get it but next time don't try and shave such a small fraction off.

Ask the agent tomorrow and see if they have made their mind up, if not ask if they will take it off if you offer full AP.