Waiting response to an offer.

bobster2

lindos90 said:

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! 

So you made an offer on Tuesday morning - and you have not heard back by the end of the next working day (Wednesday).

Yes you are being impatient. I wouldn't even describe that as "two working days later".

Noneforit999

Everyone is different.

We had six offers to mull over but my decision was made the following morning and I told the EA but its not uncommon for vendors to take a few days to think about it.

Perhaps they have a second offer which is slightly above asking but its more risky than you are.
Perhaps they are doing sums to work out if asking is enough equity for whatever their future plans are
Perhaps they are just busy with work

lindos90

Thanks for all your reasuring replies which had helped to put things in perspective. I think we are just a bit over eager. I guess I was just seeing things from our point of view, it was good to see more objective opinions. Appreciate all your responses. (Just need one from the vendor now 😂😂😂)

AskAsk

lindos90 said:

Thanks for all your reasuring replies which had helped to put things in perspective. I think we are just a bit over eager. I guess I was just seeing things from our point of view, it was good to see more objective opinions. Appreciate all your responses. (Just need one from the vendor now 😂😂😂)

sometimes a vendor also plays hard to get, so they won't come back straightaway as they don't want to appear too keen.  having reduced their asking price, the last thing they want to do is to communicate their desperation and you negotiate your offer down again later on as you know how keen they are 

the estate agent may also be playing hard to get.  if there are more than one offer, he will try to play the offers off each other to get the best price.  he may be trying to increase another offer before responding to yours.

lindos90

AskAsk said:

lindos90 said:

Thanks for all your reasuring replies which had helped to put things in perspective. I think we are just a bit over eager. I guess I was just seeing things from our point of view, it was good to see more objective opinions. Appreciate all your responses. (Just need one from the vendor now 😂😂😂)

sometimes a vendor also plays hard to get, so they won't come back straightaway as they don't want to appear too keen.  having reduced their asking price, the last thing they want to do is to communicate their desperation and you negotiate your offer down again later on as you know how keen they are 

the estate agent may also be playing hard to get.  if there are more than one offer, he will try to play the offers off each other to get the best price.  he may be trying to increase another offer before responding to yours.

Good point. If there is a set up for a bidding war we will withdraw the offer, not getting involved in something like that, either the offer is accepted or its not. I just hope it's like you say, they are just playing hard to get. 

AskAsk

lindos90 said:

AskAsk said:

lindos90 said:

Thanks for all your reasuring replies which had helped to put things in perspective. I think we are just a bit over eager. I guess I was just seeing things from our point of view, it was good to see more objective opinions. Appreciate all your responses. (Just need one from the vendor now 😂😂😂)

sometimes a vendor also plays hard to get, so they won't come back straightaway as they don't want to appear too keen.  having reduced their asking price, the last thing they want to do is to communicate their desperation and you negotiate your offer down again later on as you know how keen they are 

the estate agent may also be playing hard to get.  if there are more than one offer, he will try to play the offers off each other to get the best price.  he may be trying to increase another offer before responding to yours.

Good point. If there is a set up for a bidding war we will withdraw the offer, not getting involved in something like that, either the offer is accepted or its not. I just hope it's like you say, they are just playing hard to get. 

to be honest, i wouldn't get overly excited about things.  if you keep calling the estate agent then he will know how keen you are and are going to try to increase the offer price, so it is also in your best interest to play it cool so the vendors don't think you are desperate to get the property.

when the property price is dropped, the EA will often get more viewings as the property will become more attractive to other prospective buyers and it may fall into the affordable bracket for other buyers.  the EA will also go back to all those who had viewed the property to let them know of the reduction in price to see if they would be interested at the lower price, so there needs to be time for all this to happen.

if i were you, i would just leave it until you hear back from the EA and work from there.

lindos90

@AskAsk thats interesting, as we did view the property last October time, made a low offer which was rejected. At the time the feedback from the vendor was that they were confident they would get the asking price. The EA certainly didn't come back to us as a previous viewer! (Although thats down to the EA, not the Vendor)

AskAsk

lindos90 said:

@AskAsk thats interesting, as we did view the property last October time, made a low offer which was rejected. At the time the feedback from the vendor was that they were confident they would get the asking price. The EA certainly didn't come back to us as a previous viewer! (Although thats down to the EA, not the Vendor)

it could be that the EA didn't go back to all previous offers, but in my experience, they often do.  it could be that you had made an offer back in October so you had dropped off their radar and so they may have gone back to more recent interested parties.  also your offer may have been too low to consider, and so the agent had decided you were a no goer?

out of interest, were your offer price in October the same as your current offer, or near to it?

lindos90

AskAsk said:

lindos90 said:

@AskAsk thats interesting, as we did view the property last October time, made a low offer which was rejected. At the time the feedback from the vendor was that they were confident they would get the asking price. The EA certainly didn't come back to us as a previous viewer! (Although thats down to the EA, not the Vendor)

it could be that the EA didn't go back to all previous offers, but in my experience, they often do.  it could be that you had made an offer back in October so you had dropped off their radar and so they may have gone back to more recent interested parties.  also your offer may have been too low to consider, and so the agent had decided you were a no goer?

out of interest, were your offer price in October the same as your current offer, or near to it?

Our recent offer was more than our October offer. We noticed they had reduced the price this week and it was a figure we could work with, so we offered the 'new' full asking price. Its academic now as the EA called today and said the vendor actually still wants the 'pre-reduction' price and is not prepared to negotiate at all. So in essence, the price reduction was nothing more than a marketing ploy to get the house higher on the rightmove listings. They have no intention of accepting the new asking price, so thats it now from our point of view. Thanks for your suggestions any way  

youth_leader

So sorry lindos90.  I bet the EA are fed up about it too.

I chose the wrong estate agent out of the three for my house and it was overvalued from the start.  I started at £500K, then had to reduce to £450K.  At £450K I got a £390K offer and after much angst because it affected my being able to go home to London, did agree to it.  I told the EA I was disappointed at the low offer after their initial valuation, but not to tell the buyer - without my permission she asked them to increase their offer and they withdrew.   'Doing the best for me' - I don't think so! 

Unfortunately it went from bad to worse and I had a hell of a time of it.  I ended up leaving the EA, but I had the £500K forever burnt into my consciousness. 

The words  'a house is only worth what someone will pay for it' are true, and sadly that is often much less than the estate agent values it at.