Offer times - over 1 week?

Smalltownhypocrite

We viewed a house over a week ago and made an offer, offer was in the cheeky range at 15% under asking, we have always offered asking before but this time thats the max we have. Its an unusual old cottage in the middle of nowhere thats been with the same elderly couple for half a century+ so impossible to get a sense of price as theres nothing to compare it too. The EA has our financials so know what we offered is the max we have but also that we are in a strong buyer position with cash.

We expected it would either get rejected or maybe a counter offer as we know its low but took the shot just to know but here we are over a week on still in limbo. 

EA keeps saying 'the vendor is deciding which offer to take' and 'they have had higher offers' and 'offers near asking' and 'do we want to offer more' (we can't, we could maybe scrape together and go up 2% more but nowhere near asking and honestly 2% more is really pushing what we have). 

Well if they have 'offers near asking' then whats to even consider? 

Surely they would just dump the low bid and go with the much higher one they have?

Unless the high bid isn't proceedable in which case why even consider that?

Any tips on what might be going on or what to do next?

user1977

Unless you're in a hurry to move on to another property, just sit tight until you get a meaningful response. I wouldn't recommend appearing to be too keen!

incus432

How long have they been on the market?  Have they reduced their price? 

I would ask the agent if those other offers were dependent on a sale and why they haven't accepted them. You are in a strong position as a cash buyer.  Noone should be humming and hawing that long.  Say it's your final offer and you need an answer.

Rodders53

EA is doing their job and trying to get you to increase your lowball offer.

In some ways I'm shocked that the EA allowed you to view if it was that much over your available funds.  How are you going to be able to afford the required, expensive, updating of this dwelling if that is the max money you have?

Smalltownhypocrite

Rodders53 said:

EA is doing their job and trying to get you to increase your lowball offer.

In some ways I'm shocked that the EA allowed you to view if it was that much over your available funds.  How are you going to be able to afford the required, expensive, updating of this dwelling if that is the max money you have?

The roof needs fixing and resealing not full replacing and thats account for in our budget, electrics are acceptable with a consumer unit under 20 years old (the most modern work thats been done), the damp in one of the extensions is an easy DIY repointing fix and not critical to the main living space, we can get a grant for the heating (although could live in it as is) and the rest is just really dated cosmetics so not urgent and we can update over time.

People have been living in it non stop over the last 50 years its not a completely uninhabitable hovel. I spent 20 years of my life in coal power housing so I'm personally used to it but it would lets be honest put quite a lot of people off as its not 'the modern standard'.

Smalltownhypocrite

incus432 said:

How long have they been on the market?  Have they reduced their price? 

I would ask the agent if those other offers were dependent on a sale and why they haven't accepted them. You are in a strong position as a cash buyer.  Noone should be humming and hawing that long.  Say it's your final offer and you need an answer.

Been on the market nearly a month, we viewed after Christmas at the 3 week point. No price reductions.

The next nearest house which isn't really comparable (smaller but modern) other than rough location sold about 8 years ago, it was on the market for over a year at £140k then sold for £115k but that was half the size but fully modernized and done up.

incus432

Ok, a month on the market isnt long (just sold ours after 6 long months - admittedly at a higher price point) so maybe forgiveable of them to be mulling over offers. They might want to hold out for a cash buyer nearer the asking price though I'm afraid. Although prices have gone down markedly (5-10%) over the past year-  in our area at least

NameUnavailable

A month at this time of year is nothing, I expect it's simply a case of them holding tight to see if they get more/higher offers.

Do you know what their position is? Have the got a place to move to?

The fact that they haven't actually rejected your offer is a good sign, if you're really serious then maybe say to the agent that you're considering offering a bit more but that your offer is 'on the table' in the meantime (so they keep you in mind).

Hoenir

Rodders53 said:

In some ways I'm shocked that the EA allowed you to view if it was that much over your available funds. 

EA has probably heard the same story many times before. Then when push comes to shove some money is found down the back of the sofa. 

The lack of response from the vendors to a low ball offer speaks volumes. 

AskAsk

if the offer is low, they will put you in the drawer for later rather than reject outright as they may not get anything more.

so sounds like the EA is working to get more and they haven't accepted your offer yet.

Smalltownhypocrite

NameUnavailable said:

A month at this time of year is nothing, I expect it's simply a case of them holding tight to see if they get more/higher offers.

Do you know what their position is? Have the got a place to move to?

The fact that they haven't actually rejected your offer is a good sign, if you're really serious then maybe say to the agent that you're considering offering a bit more but that your offer is 'on the table' in the meantime (so they keep you in mind).

The estate agent says the client is a solicitor 'handling the case'. They didn't seem certain on the details to be honest but said they think its a probate house (with probate sorted) and with no next of kin involved (seems they where an elderly couple with just their dogs). They don't think there is any bank or large debts involved, its not a corporate sale so unlikely its being sold to settle a mortgage etc...

Normally probates aim is to just to get the most money (like to pay debts, get the best inheritance for beneficiaries, the most money for charity etc...) so thats why I would assume they would go for a higher offer and reject us but the EA don't even seem to know who/what the eventual money will be going too just that its all sorted through the solicitor.