How long for seller to accept offer?

Tonyw193

So ive seen a property, which went on the market on 4th of Aug for OIEO £170K. The house is perfect all bar a garage roof repair, im not a roofer but an area appears to have been fixed but i noticed a reasonable sized wet patch on the inside of the ceiling. Anyway i put my first offer in on Wednesday gone for £171k. A house sold in the next street with a similar standard for £175k last year, and this house is perfect for me so thought id go in serious from the off. 
My first offer of £171k was rejected that night it was offered. The EA came back and said it was a little low. I said i would consider my next move and call back the following day, of which i did with a revised offer of £173k. I explained the situation with the roof and the potential cost to repair. The EA said they had more bookings and may not get back to you straight away. I never heard anything from EA so decided to phone at 4 this evening to see if the vendor had provided any feedback to which the EA said they had more viewings and should get back to you early next week. I get the impression that the offer may not have been passed on, nothing to prove that but just a feeling that the EA want to get another bid on the table to drive the price up. This will be the 3rd weekend that the property has been on the market and get the impression that im the only creditable offer on the table right now. I was just wondering how long you would wait for a response. Im a FTB with abit of inexperience here. I dont want to seem to keen by phoning every day. I only phoned today as there was no response, im not sure if that is normal procedure. There seems to have been a few viewings on the property but nothing from the EA about other offers. 

FtbDreaming

My Nan had an offer on her house today. £10k under asking but it was what she wanted. She called me and my brother for our opinions and we’ve said to mull it over the weeken

MaryNB

An estate agent must pass any offer to the vendor in writing within two days of a buyer making one. The only time this wouldn't apply is if the vendor has told them not to pass on any offers under a certain amount.
The vendor could have decided themselves to use your offer to leverage a better one. 

Tonyw193

MaryNB said:

An estate agent must pass any offer to the vendor in writing within two days of a buyer making one. The only time this wouldn't apply is if the vendor has told them not to pass on any offers under a certain amount.
The vendor could have decided themselves to use your offer to leverage a better one. 

Yeah possibly, its just frustrating. I wish they would come back with something even just looking to negotiate. Im guessing theyre fearful of me walking away but at the same time i cant wait forever. Probably over reacting as its only been 2 days haha

MaryNB

I've been in the same boat. Totally convinced they were mulling my second offer over for the weekend so they could see what came out of Saturday viewings. I submitted my second offer  (best and final) on a Wednesday evening, chased it on Friday, no update. By Monday afternoon I said if I heard nothing the next day I'd rescind my offer. Low and behold I get a call an hour later saying my offer had been accepted subject to financial checks (which was just so the agent could get me in with their mortgage advisor....).

If it makes you feel better, the more time that go by, the less chance there is of someone exceeding your offer. Vast majority of people looking to buy will be checking rightmove every day. There's obviously still a risk but it does decline with time.

getmore4less

If it went on the Tues 4th Aug then this is the second weekend not the 3rd(today being the Sat 15th).

When there is interest then I think 2 weekend is reasonable to keep those that came on super keen the first day.
edit: just looked at your other to posts on this house(can be a good idea to keep it in one thread).

Was your first offer Wed 5th or Wed12th.

You have kept on looking 

[Deleted User]

Another option could be that they didn’t like having to wait a day for your next offer and so perhaps thought you weren’t serious and so want to see what these other viewings say before they come back to you? Or they don’t think you’re serious if you go up in small increments each time? Just a guess, who knows what they’re up to. 

Angela_D_3

It's an absolute nightmare the UK system, I realise it's a big purchase but I do think we ought to be able to fix the price and people can take it or leave it.   Most EA's are not skilled negotiators at all they are order takers.  So the system could do with being adjusted accordingly 

cybervic

It's only been 10 days since 4/Aug, and if the vendor has had several viewings already then they are likely wait and see if there are better offer coming along. It's very possible the vendor is keen to sell therefore they aren't refusing your offer either.  You can walk away, increase your offer, or take a gamble and continue to wait. 

It's very hard to guess what EA and vendors thoughts are, I'd say just give them your best and final offer and a deadline to make thing easier for you.

Jeepers_Creepers

Tony, didn't the EA confirm your revised offer in writing (by email)? 

I suspect that this 'delay' (if you can really call it that) is being driven by the vendor and not the EA. When you think about it, an extra few £k matters a lot to the vendor - by a few extra £k - but not to the EA; all the latter will receive extra is around £50...

I'm not that surprised that the vendor is holding out for a bit more as it's only been on for a couple of weeks and they've already had solid interest - and two offers from at least one person.

It's a gamble for them, tho', in these uncertain times. No idea what to suggest, except to absolutely keep on looking at other options.