Made an offer... Nervous wait

studentguy

AnotherJoe wrote: »

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.

Point taken, but 154k is the max I can go really.

AnotherJoe

studentguy wrote: »

Point taken, but 154k is the max I can go really.

Ok fair enough then tell the agent that, so the vendors know they don't have any negotiating power with you (they may be making you sweat so you cough up a few k more) let them know you are maxed out, have a mortgage agreed but that's as much as you can go to.

Hopefully they won't keep you hanging around in that case.

studentguy

AnotherJoe wrote: »

Ok fair enough then tell the agent that, so the vendors know they don't have any negotiating power with you (they may be making you sweat so you cough up a few k more) let them know you are maxed out, have a mortgage agreed but that's as much as you can go to.

Hopefully they won't keep you hanging around in that case.

We did say when we put the offer in on Saturday. I don't think they're trying to make us sweat, I think they're hoping a better offer comes along

[Deleted User]

Keep looking at other options until you know for sure if they say yes or no...

AnotherJoe

studentguy wrote: »

We did say when we put the offer in on Saturday. I don't think they're trying to make us sweat, I think they're hoping a better offer comes along

Ok well in that case good luck and keep looking around. If the EA knows you are looking they may chase their vendor as well.

iantojones40

Why did you offer so high?

is the asking price below market value?

ElsieMonkey

Hoploz wrote: »

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!

I don't agree that it makes you sound fickle at all! It makes you sound like a serious buyer who doesn't want to mess around or be messed around. It makes you sound like you are ready to go and if the vendor doesn't want your offer you will offer to someone else who does. t forces the seller to focus their mind - do they really want to risk losing your offer for the sake of waiting around for an extra 2k which is nothing much in the grand scheme of things?

Offering a couple K below asking price is a really good offer, I think most people price their property above what they would be happy and able to accept, so for someone to sit on such a good offer for over a week is a bit off in my opinion. Yes they're completely entitled to, I know that, but then they should be honest with you and say to you that that is what they are doing, that they would like to see what other offers come in over the weekend before making a decision, rather than string you along with no answer. You knowing that info may not change things, but at the least it will out your mind at some rest since you know where you stand.

To not respond at all is quite rude in my opinion. Buying and selling is a two way street, where both parties should show some mutual respect for each others position. Yes of course they are entitled to take as long as they want to think about your offer, but you didn't put your offer in for it to be used as a bargaining tool for other viewings, you put it in to receive a response. If they're not ready to proceed yet and/or your offer isn't good enough I think a week is long enough to know that and they should let you know out of courtesy so you can move on.

I stand by saying the offer stands until X (I wouldn't go straight in saying this when making an offer by the way, only go back and say this if after a few days I've received no response). I'm not saying make a hard sounding ultimatum, you say in a nice way that since you would like to know where you stand as there's other properties you are also looking at/will be looking at the offer stands until X, but after this time please do let me know still if anything changes with the vendor. You can still call back the following week to ask how things are progressing, and reinstate your offer if you want.

AnotherJoe

iantojones40 wrote: »

Why did you offer so high?

is the asking price below market value?

Depends where you are and what the price was relative to other similar houses.
Around where i live, central SE, offers much below AP are likely to be jeered at.
The fact the offer wasn't snapped up immediately nor rejected shows the OP is in the right ballpark.

studentguy

I've been told there's another offer (no idea if more or less) and they're still doing viewings. This is horrible.

Hoploz

Oh dear I feel for you it's a horrible time. And it gets worse before it gets better!

You could ask the EA if they have a figure at which it would be removed from the market?