Offers on multiple properties and waiting for responses

Jonno42

This post combines two themes that have come up a few times on the search, but I wanted to ask for advice on a more specific situation:

I placed an offer on a currently unoccupied house that had recently gone on the market. The EA then called to say that the property had only just gone on the market and the seller would like to get feedback from other viewings that were booked in before responding to my offer, but they (the EA) thought if we upped it slightly the seller might accept. I asked if this had come from the seller? They said no, so I told them they'd received the offer and I'd like the seller's response to the offer...

Fast forward a week and a bit, and the seller is still mulling it all over. In the meantime, we've seen another place that we also liked and asked about the process for placing an offer. Others are also interested so Seller 2 (who will be part of an onward chain) has asked for best and final offers with a cut off date. In a perfect world' we'd prefer House 1, and don't want to mess around Seller 2 if we are able to agree a price with Seller 1, but there's absolutely no sign of how likely that is. Afterall, they haven't rejected our offer or come back with a counteroffer - and have declined to do so when I asked just saying they need to get more feedback from other viewings before making a decision.

Any advice on how to proceed or reasonable guesses as to what's actually going on behind the smoke and mirrors?

TLDR: How long should you expect to wait for a response for an offer? And should I make offers on other places while waiting?

Irishpearce26

If they haven't responded to your offer after a week then they are holding out for more money. If you really want house 1 then up your offer slightly and see what happens.

MaryNB

I would say a week is more than enough for them to respond. They could be using your offer as leverage. You could say you'll retract your offer if you don't receive a response in the next day or so but obviously this could backfire if you really really want it. No point in ultimatums if you don't stick to them. No harm in offering on another property if House 1 hasn't accepted your offer, all fair game at this stage. If your offer is accepted on house 2 just be careful not to mess seller 2 around. If house 1 comes back right away it's not too bad. If you bail on house 2 after say a number of weeks it's not great. You're still well within your legal rights to, just poor form to do so if conveyancing and surveys are underway.

seradane

It'd probably be worth ringing up the first agent and letting them know that because you haven't heard back, you're going ahead and putting in offers on other properties.

That way there's no ultimatum, or withdrawing your offer unnecessarily, as you say you still like the property,  but it also lets the sellers know that if they are genuinely considering your offer they need to hurry up and make a decision (or at least come back to you with a counteroffer) before you go with someone else.

Octothorpe

Is your offer on house 1 your best and final?

If it is, call EA and say you need an answer on offer as if declined you will be offering on another property next day.

We did this as put offer in but no response. We emailed them to say it was our best and final, reiterated our positive points as buyers and asked for a response by next day as otherwise we would offer elsewhere. Vendor came back and agreed and stopped the other viewings booked in. 

Jonno42

Thanks all. I appreciate the good advice all round. And just as we've been running out of patience, have been told this evening by the EA for House 1 that they've now had a couple offers in around a similar price and are asking us to submit best and final by the weekend. Fingers crossed.