Offered on a house - waiting for vendor response

DrSpendLittle

Just after some advice on how long is reasonable to wait to hear back from a vendor after submitting an offer via an estate agent?

We know the vendor has had two offers at asking from cash buyers and another offer of 20 over asking (!!!) from someone who has two houses still to sell. The EA said that had raised the vendors expectations. We offered 10 over asking two working days ago and we still haven’t heard back. The EA said one of the offers at asking was viewing the property for a third time this weekend (travelling up from London ). The property has only been on the market three weeks and is currently rented.

Just seems odd to have had no feedback yet so was wondering if I am being unreasonably impatient. I don’t want to keep hassling the EA and they said they’d get back to me when they have a response. I will call them again tomorrow though.

Cakeguts

Unless you are buying this as a landlord there is no rush. It could be around 9 months before the tenants leave and you can exchange contracts even if your offer is accepted.

DrSpendLittle

Thanks Cakeguts - we hadn't even considered this. Ooops. We'd be buying to live in so would need vacant possession on exchange.

I've just searched the forums regarding this subject and I'm now more aware of the potential pitfalls of buying a property that has tenants. The tenants in this particular house have been there for about 9 years. Not sure if a s.21 has been served or if the tenants are in the fixed period of their tenancy. Will need to find this out tomorrow when I call the EA.

I suppose it takes the heat off our competition from the cash buyers - speed is not going to be a feature of this particular transaction! Might rule it out for us as our buyers are cash buyers.

tlc678910

DrSpendLittle wrote: »

Thanks Cakeguts Might rule it out for us as our buyers are cash buyers.

It's possible that the landlord is selling because the tenants have given notice that they want to leave so it's worth finding out the situation. The tenants might also be willing to move out promptly if the landlord offers them a sum of cash to do so.
Tlc

lookstraightahead

It could be that the vendor has no idea what the tenants will do. Unless you want tenants in situ I would wait until they leave before you do anything else, or look elsewhere.

Rambosmum

the cash buyers may be investors wanting to take it with sitting tenants. So the vendor may be weighing up getting more cash vs a quick sale. 2 days isn't long to wait.

Cakeguts

If the property appears to be cheap for what it is or "good value for money" that could be because they are good tenants and the landlord is hoping to sell to another landlord who wants good tenants.



In any case it is probably a good idea to look for something else.

DrSpendLittle

Rambosmum - Good call, I hadn't even considered that as an option. I got the impression from the tenants (who showed us around) that they were moving. They said "we wouldn't be moving if she wasn't selling it". I've since found out they're on a rolling 1 month contract. However, that's not to say that the cash buyers don't want it as an investment with sitting tenants.

Cakeguts - The property isn't cheap or good value for money. In fact, its quite expensive but thats because of the premium for the location.

I've spoken to the EA today and was told the vendor is taking the weekend to make their decision. We're still the highest offer. The EA said it's all very amicable between the tenants and the LL. I got that impression too from the tenants when they showed us around).

I'm just going to have to be patient!

Will update if / when a decision is made! Thanks for reading / commenting.

Cakeguts

It is possible that the landlord is trying to do the best for the tenants which is to find another landlord.

theGrinch

Sounds like EA delay is heading to best and final offers scenerio

csgohan4

view other properties with the same agent to let them know your not keen to wait