Not heard back from vendor re offer: how long would you wait?

Gingka

Hi everyone,

Thank you for stopping by.

Viewed a property on Sunday - offer rejected on Monday afternoon. Put another offer (above asking price) with EA at the same time and heard back nothing since.

I know it's only Thursday and, from previous thread, a week seems to be a perfectly reasonable time. Big decision for vendor/don't want to be pushy (and will NOT offer more anyway) however:

- Bank Holiday weekend soon

-my 2nd choice property has been reduced £5k and listed with new agents yesterday (much better pictures and lower price, will get some interest maybe?)

When would you follow up? What's the "etiquette" here? :A

Thank you so much!

Doozergirl

Follow it up today. To hear nothing for days without any kind of information? It's fine to call.

AnotherJoe

I would follow it up today but make sure the EA knows this is your final bid and the reason you are chasing is, you have another property you will bid on instead. But given how quickly they rejected, I'm going to guess this wait now means they are waiting to see what offers they get over the bank holiday weekend.

eddddy

It's fine to call to follow up, and maybe even say that your offer is still on the table, but as you haven't heard anything back, you're planning to offer on another property as well.

And you'll probably go with whichever seller accepts your offer first.

Gingka wrote: »

-my 2nd choice property has been reduced £5k and listed with new agents yesterday (much better pictures and lower price, will get some interest maybe?)

Remember that you need to continue to deal with the original EA - the one that introduced you to the property.

If you make your offer through the new EA, the seller may have to pay two lots of commission.

That would make your offer less desirable to the seller - compared to other buyers' offers.

csgohan4

make another viewing with the same agent for another property to show your not going to wait either and apply pressure

cybervic

If I were you, I'd start the negotiation on second choice now in case I lose both. Find out if the vendor is on holiday (thus not reachable) or still thinking, and let them know it's your final bid and you are about to move on.

SmashedAvacado

Maybe ask the agent if they have spoken to the seller? Do you know if it is the seller that hasn't responded or the agent hasn't managed to get in touch with them. Get the agent to ring the seller for an update so you can make an informed decision - are they "thinking about it" are they "waiting for more offers" or just "on holiday".

Assuming its sat with the seller who is thinking about it, then:

The agent will want the deal to happen as this is how they get paid, so letting the agent know again that you are a serious buyer who doesn't want to waste their own time is probably something to do. indicate that there are other options and that you only want to deal with a seller who is serious. you have offered what the seller asked for and are due the courtesy of a response.