How Long to Wait After Putting in Offer of Asking Price (due to Xmas)?

gemnomnom

Hi all,


Thanks so much to everyone so far for help on my FTB journey :beer:


Apologies if this is a stupid question but need to know!


Two days ago on 20/12 we put in an offer of £170k and have not heard anything back so far. The house was up for "offers over £170k". My mum had previously insisted we put in offers of £162k and £165k which had been duly rejected within hours. We have also asked many questions via the EA, each time the vendor/EA were quick to respond.


The house has been on the market since September with this estate agent and June with another EA previously. Previous asking prices were £220k in June , then £190k in September, then "OIEO £170k" as of 05/12/16. It has not had any other offers.


Has anyone got any advice/experience for how long to wait when expecting a reply, especially over the Xmas/New Year period? We don't want to pester them but of course we are dying to know. Should we chase the EA, and if so when, or would we appear desperate?


Thanks in advance,

marksoton

Wow wow wow!

What you should be asking is why the price has dropped by £50K.

Especially on a property of such low value.

PersianCatLady

marksoton wrote: »

Wow wow wow!

What you should be asking is why the price has dropped by £50K.

Especially on a property of such low value.

Perhaps it was ridiculously overpriced in the first place and the seller has finally come to their senses??

glasgowdan

You've not made an asking price offer. Asking price is OVER 170K, so they're probably not interested.

kinger101

There isn't a set amount of time to respond to an offer. Or an obligation to do so. If you don't want to up the offer, leave it open while you keep looking. If you don't hear back from the agent, tell them you're happy to leave it on the table for now.

AnotherJoe

Given you've raised your previous two offers, they are no doubt turning the screws by saying nothing, hoping you crumble.
If this is your best and final, then let the EA know that's it, and then start looking elsewhere.

Hoploz

When does the EA shut for Xmas? I suggest a call to the agent requesting a viewing on another house and see if that reminds them to chase the sellers for a response. You could then mention on the phone that you were hoping to hear .... It'd be very unfair for the sellers to leave you hanging over Xmas so I'm sure the agent will try and get a reply one way or the other.

antilles

Hold your ground. A classic tactic of estate agents is to let you sweat after you make a couple of offers, in the hope that you'll buckle and make a higher offer.

I've had this tried on me on the past.

The other possibility is that the seller is away for Christmas and hasn't had time to respond or the EA can't get hold of them.

You've made the offer so don't worry about it, it still may be accepted.

Cakeguts

There is something wrong with this property. If it hasn't had any offers even with it being reduced apart from yours then it is still overpriced. Does it appear to be cheaper than similar properties in the same area? You can make price comparisons with properties that have sold fairly recently nearby. Is there anything that is about to change in the area around the house? The sort of thing you are looking for is a new housing estate or a new road or railway or a new large building of some sort. You can check the applications for planning permission on your council's website.

AnotherJoe

antilles wrote: »

Hold your ground. A classic tactic of estate agents is to let you sweat after you make a couple of offers, in the hope that you'll buckle and make a higher offer.
.

That won't be EAs. That will be the vendors. The EA doesn't care if sells at £170k or £171k.

glasgowdan

AnotherJoe wrote: »

That won't be EAs. That will be the vendors. The EA doesn't care if sells at £170k or £171k.

Wrong. Agents do this all the time, they simply don't contact the seller for a few days at times, or they tell them about the offer and suggest waiting before replying. Whether it's 170 or 171k they still want the highest price possible as that's how they sell their service. Sold pricescreate a lot of business if clients can see an agent regularly achieves asking price or over.