How long to wait for response?

ailskearney

I’ve viewed a house for sale where I am originally from. It is 600sqft smaller than mine and in need of a lot of modernising. It is on at £157,500 and I have been debating what sort of offer to put on, without being cheeky. Last Wednesday the estate agent contacted me to say an offer of £130,000 had been put on. A lot cheekier than I had originally been thinking of. That evening I offered £132,500. The EA confirmed receipt of the bid, but I’ve not heard anything at all since. Any advice on going forward? 

notrouble

If your offer was verbal, confirm it in writing, along with your position (FTB? property to sell? Chain? mortgage needed/agreed in principal)?

Time-wise, it's likely that with both offers being so low the seller is just waiting to see if anything better comes along. How long will he wait?How long's a peice of string?

Mutton_Geoff

ailskearney said:

I’ve viewed a house for sale where I am originally from. It is 600sqft smaller than mine and in need of a lot of modernising. It is on at £157,500 and I have been debating what sort of offer to put on, without being cheeky. Last Wednesday the estate agent contacted me to say an offer of £130,000 had been put on. A lot cheekier than I had originally been thinking of. That evening I offered £132,500. The EA confirmed receipt of the bid, but I’ve not heard anything at all since. Any advice on going forward? 

Sounds like your offer was based on what the agent told you was offered (if true). You should be offering based on your own homework, not what you hear others are putting forward. You are liable to being played by the agent if you negotiate like this.

timeism0ney

I've seen a 'project' similar to what you describe locally and it's been on the market for over a year. I estimate it at 3-6 months work. There aren't many people who like 'projects' - it takes a lot of time and money. Developers who see projects as business opportunities bid very low so that they stand a chance of making a profit, so they are not typically in direct competition with you.

I asked for a quote from a builder and have taken the costs into account. Plus mortgage fees for 6 months of work. Made an offer, it was rejected but they gave me a figure that they would accept. I've not offered that yet but it's a possibility...

timeism0ney

Back to your question about how long to wait, no harm in following up tomorrow. It's been nearly a week!

ailskearney

I have been communicating with the EA via email (therefore in writing), as they have a bit of a reputation. My financial advisor has even confirmed this with me, telling me to keep my cards close to my chest. I have made it clear, that I do have a house to sell, which I would like to give them the opportunity of selling. But also, that I do not have to sell, in order to buy the property, if it were to affect an agreement. Obviously, as the house has a lot of work to be updated. Even the very garden will take a lot of money. I will want to get it at the very lowest price. ( making more disposable cash to take care of issues). My first house was a turn key that I bought via a retention figure. This is my first time encountering an EA and bidding, so all advice welcomed.