Waiting response to an offer.

lindos90

Realistically, how long should it take the vendor to make a decision to accept, reject, or negotiate the offer?

House price reduced on Monday  called EA and made offer of asking price Tuesday morning. Still no response two working days later.

Am I being paranoid that the price reduction might have raised some interest and they are stalling to see if they get another interested party to get a bidding war going? Or maybe I'm I just being impatient?

If I was selling a property that had been on the market nearly a year and had just had an offer at the asking price I'd be biting their hands off! 

fackers_2

They could be busy professionals and setting time at the weekend to consider offers / terms. 

If you don’t hear back at the weekend, pop the EA an email and then phone call Monday mid-morning. Can’t see why it wouldn’t be accepted unless they got a better offer such as a cash offer or someone with no chain.

Also, legally the EA must disclose you of offers made (but not amount) if you ask, if you email them you at least have confirmation, if they are to be found to have added phantom offers to pressure you to up your offer then you can deal with that down the line. 

Best of luck!

DullGreyGuy

lindos90 said:

If I was selling a property that had been on the market nearly a year and had just had an offer at the asking price I'd be biting their hands off! 

They could be off on holiday, working on a project that delivers next week and so its 100 hour weeks etc... you simply dont know.

You also dont know what the agent has been telling them... it could be they are saying to hold off and see what response the price reduction has but then they could respond to your offer and still do that (assuming you aren't in Scotland) given no one is bound until contracts are signed. 

Out of curiosity what was the original asking price and the revised? 

AskAsk

they may have two offers and may be thinking over which one to accept.  normally you should hear back the next working day but sometimes they may still want to think it over.  when i sold my house, i got the asking price offer on friday afternoon but i took the weekend to think about it as i also had a lower offer from someone in a slightly better position.

propertyrental

Errr.....it's a big decision to sell a property for £X,000.

Maybe the sellers want to talk/think it over? Maybe discuss with friends/family? Maybe they're on a training course at work and focussed on that?

Or, as you say, maybe there are other offers and they're considering the length of each chain, or the size of each buyer's deposit (impacts on likelihood of mortgage success), or.....or.....or

All you can dois offer what you want to pay and wait patiently.

lindos90

@DullGreyGuy. They have reduced it by 5%. It's an ex rental property, vacant possession, no chain involved. EA said they passed the offer on straight away Tuesday morning. Maybe we are being inpatient 🤦‍♀️

propertyrental

lindos90 said:

@DullGreyGuy. They have reduced it by 5%. It's an ex rental property, vacant possession, no chain involved. EA said they passed the offer on straight away Tuesday morning. Maybe we are being inpatient 🤦‍♀️

Yes.....
    

DullGreyGuy

lindos90 said:

@DullGreyGuy. They have reduced it by 5%. It's an ex rental property, vacant possession, no chain involved. EA said they passed the offer on straight away Tuesday morning. Maybe we are being inpatient 🤦‍♀️

People think in absolute terms not just proportional... a £100k property reduced to £95k may be a different strategy to a £600k one reduced to £570k

Passed on straight away can be leaving a voicemail or sending an email whilst the vendor is on their round the world cruise 

youth_leader

Are you proceedable?  Yours may not be the only offer, you might have competition from a cash buyer in rented.  

lindos90

Yep proceedable, no chain, mortgage in principle, 30%+ deposit, and maybe a bit impatient haha!  It actually didn't cross my mind that there could be other offers already since the price reduction. Oh dear, I'm even more nervous now!  I guess I need to stop stressing, the ball is in their court and theres nothing we can do until they respond! I appreciate everyone's responses though.

youth_leader

Hopefully you will hear very soon, buying is a very stressful business and nothing is certain until exchange. 

As the property has been on the market for nearly a year and has been left empty over the winter,  I hope you will be having a survey.  Good luck, I hope it all goes smoothly.