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Offer times - over 1 week?

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  • Sapindus
    Sapindus Posts: 664 Forumite
    500 Posts Fourth Anniversary Name Dropper
    Keep looking.  When you find somewhere you like as much and can afford, your course of action will become clearer.
  • Albermarle
    Albermarle Posts: 27,812 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    incus432 said:
    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
    Strong end to the year for UK house prices
  • incus432
    incus432 Posts: 432 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    edited 13 January at 9:56AM
    I can only comment on what we've seen on prices locally and in the area we are looking, and what EAs say. Reductions are common.
    Edit- ilikeliest explanation of course is that EAs were initally pricing over-optimistically.
  • user1977
    user1977 Posts: 17,783 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    If it’s a probate case then there could be multiple executors/beneficiaries to consult with, which will slow down decisions.
  • FlorayG
    FlorayG Posts: 2,208 Forumite
    Seventh Anniversary 1,000 Posts Photogenic Name Dropper
    It's only been a month and they have already had offers,so they will be hanging on to see what else comes up. They aren't just rejecting your offer in case something better does not come up. Possibly the other offers were from people not as easily proceedable as are you, that's why they've not just said 'no' to the lower amount you offered
  • ReadySteadyPop
    ReadySteadyPop Posts: 1,625 Forumite
    1,000 Posts Photogenic First Anniversary Name Dropper
    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.


    That was a different market with interest rates at half a percent, this market has rising borrowing costs, I would seriously consider if 15% is a big enough discount.
  • saajan_12
    saajan_12 Posts: 5,042 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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?
    Re whats going on- 
    Its only been a week for your offer and only a month overall, which is nothing in the grand scheme, especially for a more unique property and over the quieter Xmas period. They'll be waiting to see if other offers come in, if the higher offers become proceedable or if you increase yours. There's plenty of time for any of those to acutally happen from their perspective, so I wouldn't expect an answer any time soon. Not surprising behaviour. 

    Any tips on what might be going on or what to do next?
    RE what to do next-
    This early on, there's little point on you insisting you can't / won't increase your offer, as everyone in your position would say that. I'd just continue viewing and leave this on the back burner. You're not committed to this purchase in any way. 
  • Well got an update today, I have until tomorrow afternoon to submit 'best & final' so I guess thats sealed bids?

    Doubt we will get it but will resubmit our offer on the off chance.
  • ReadingTim
    ReadingTim Posts: 4,084 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Suspect it's a sales tactic to drum up the price by creating a false sense of urgency and/or competition, or to try and flush out those buyers who've offered low but the EA thinks can go higher.  

    As the OP offered pretty much the max they could, then I can only wish them luck - congrats if they get it, but limited commiserations if they don't, as they knew they were chancing their arm somewhat in the first place....
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