Offered asking price and seller still thinking

Charlottearundell

Hi,

We saw a house today that we liked and decided to put an offer in. We put the full asking price of 250k as the area is fairly popular. We are first time buyers. The house has only been on sale for a week, it was previously on offer in October but the buyer pulled out due (supposedly nothing to do with surveyor etc)

The seller has told the agent they want a couple of days to think about the offer - even though it's at their asking price.

How long should we give them? I'm also concerned that even if the seller accepts the offer they could mess us around. I don't want to pay for surveyor fees for them to pull out. Can we get them to sign something saying it they pull out they would pay the fees?

elsien

With any house and any vendor there is the chance that things will change or either party will change their mind right up until exchange takes place.

It's all part and parcel of house buying and losing money on anything you've paid out is the chance you take. No vendor is going to sign anything agreeing to pay your costs if the sale falls through.
Have you made sure they know you are first time buyers and that you are proceedable? Do they still need to find a property to move to?

If the house has only been up for sale for a week and you put in the asking price they may be wondering if someone else will offer more. You need to be patient. And there's nothing to stop you from continuing to look at other properties in the meantime.

Thrugelmir

Charlottearundell wrote: »

The seller has told the agent they want a couple of days to think about the offer - even though it's at their asking price.

Someone may view and offer a higher price.

pphillips

All you can do is put pressure on the agent to get the sale, perhaps tell them that you're thinking that you might (or that you will) pull out if you don't get an answer by ..........

Davesnave

Its also possible a house they've had their eye on is no longer available and they need time to look at alternatives. Maybe they've deliberately not looked too hard since losing out on one last October.

lookstraightahead

If it were me (and it isn't so you will have a different take on it depending upon how much you want it) I would give them a week then offer less.

But that's because I'm old and cynical and hate being messed around.

kinger101

They probably have a few other viewings booked in, and in that scenario, they'll use your offer as leverage. This is fairly normal behaviour for a property that's only been on the market for a short while; the agent may have undervalued.

You could put an sunset on the offer (I would) but depending on how much interest there has been, they might reject your offer.

middleclassbutpoor

First mistake was offering full asking.

You have shown your hand too soon. Normally if you have an offer in on a house, should any further offers come in, you will be asked for your final offer.

I appreciate it is a popular area but you may have been better giving yourself some wiggle room as all it will take now is someone else to come in and the agent can say they have had a full asking price offer and you are now in a bidding war to pay over asking.

Let's keep everything crossed that viewings that are probably taking place over the next week or two are with buyers in a less desirable buying position than you.

With that in mind, keep looking around because if this falls through or doesn't get accepted then I would want to know what else there is out there.

lookstraightahead

If you psychologically try to move on you're in a much better position, look around a bit. There's always something you will love more

csgohan4

I would give it 48 hours and then view other properties with the same agent to show your intent you won#t be messed around

John_G_Jones

Charlottearundell wrote: »

Hi,

We saw a house today that we liked and decided to put an offer in. We put the full asking price of 250k as the area is fairly popular. We are first time buyers. The house has only been on sale for a week, it was previously on offer in October but the buyer pulled out due (supposedly nothing to do with surveyor etc)

The seller has told the agent they want a couple of days to think about the offer - even though it's at their asking price.

How long should we give them? I'm also concerned that even if the seller accepts the offer they could mess us around. I don't want to pay for surveyor fees for them to pull out. Can we get them to sign something saying it they pull out they would pay the fees?

The seller likely thinks that while it’s nice to get this offer they can now sit on that as a backstop while seeing if they can get more.

If I were in your shoes I would tell the estate agents that this was the price you were willing to pay for a “yes or no” response, and that the price you would have paid while the seller saw if they could get more would have been significantly less. Point out that you think the asking price was a little high but you were happy to pay it if the seller was willing to move ahead quickly take the house off the market and facilitate a sensible prompt process.

Ask them to explain this to the seller and that you will put in a revised, significantly lower offer if they do not respond in a couple of days.

The reason that this is fair is that if you let them sit on it for a month and they get no-one else interested then this adds new information to what you both currently know, that the asking price is indeed a little on the high side.