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  • FIRST POST
    • KingMob
    • By KingMob 7th May 18, 10:05 PM
    • 14Posts
    • 1Thanks
    KingMob
    Made an offer, still waiting 3 weeks later.
    • #1
    • 7th May 18, 10:05 PM
    Made an offer, still waiting 3 weeks later. 7th May 18 at 10:05 PM
    FTB, looking to buy after renting for a long time. Have talked to bank as well as broker and finance side isn't an issue but finding the right place has been a pain.

    Most properties within 2-3 miles seem to be selling in 3-4 weeks and going for 10-15% over asking price which is still within my budget. Viewed a property almost 3 weeks ago, listed a few days prior and good location. Offered asking price and heard nothing for more than a week, chased it up and was told I'd hear back last week. Asked if this was going to drag on for 3-4 weeks and was told no. Disappointed when i got a call from the EA late last Wednesday to tell me that the sellers have gone on holiday for a week. As far as I'm aware no other offers have been placed and local property websites are showing interest has been tailed off for last week or so.

    Sellers are an elderly couple who want to move in with nearby relatives. They've lived in the house for 40 years, so I can understand have some attachment. I have a rental agreement that expires at the end of July so I'd like to make some progress sooner rather than later.

    Been viewing other properties and have found one that fits my criteria, although the owner is planning to make a decision in next few days. It's around the same size, recently done up, great location but more expensive (15% more although still within my budget).

    Not getting a response to my offer seems like a warning sign that the process will not be smooth. The same EA listed another house within spitting distance several days after I made my offer and it's Sale Agreed already. Should I cut my losses and withdraw my offer or is there anything else people would recommend?
Page 1
    • da_rule
    • By da_rule 7th May 18, 10:10 PM
    • 2,624 Posts
    • 2,314 Thanks
    da_rule
    • #2
    • 7th May 18, 10:10 PM
    • #2
    • 7th May 18, 10:10 PM
    Are you willing to lose the house? If so, give the estate agent an ultimatum, a decision by a certain date or you're withdrawing the offer.

    If you don't want to lose it then all that you can do is wait for them to get back to you.
    • KingMob
    • By KingMob 7th May 18, 10:23 PM
    • 14 Posts
    • 1 Thanks
    KingMob
    • #3
    • 7th May 18, 10:23 PM
    • #3
    • 7th May 18, 10:23 PM
    Are you willing to lose the house? If so, give the estate agent an ultimatum, a decision by a certain date or you're withdrawing the offer.

    If you don't want to lose it then all that you can do is wait for them to get back to you.
    Originally posted by da_rule
    Will contact them tomorrow and do that. Been disappointed with lack of communication from them, could be reading too much into it but they seemed more interested in getting me to use their brokerage than anything else.
    • ViolaLass
    • By ViolaLass 7th May 18, 10:31 PM
    • 5,354 Posts
    • 7,402 Thanks
    ViolaLass
    • #4
    • 7th May 18, 10:31 PM
    • #4
    • 7th May 18, 10:31 PM
    Why bother with the ultimatum? Just make offers elsewhere. If they get back to you, see whether you're still interested. If you're not, tell them they took too long (not unreasonable in the circumstances).
    • KingMob
    • By KingMob 7th May 18, 10:59 PM
    • 14 Posts
    • 1 Thanks
    KingMob
    • #5
    • 7th May 18, 10:59 PM
    • #5
    • 7th May 18, 10:59 PM
    Perhaps doing myself a disservice but I don't feel comfortable making a second offer while the first is still out there.
    • Lolly88
    • By Lolly88 7th May 18, 11:40 PM
    • 309 Posts
    • 829 Thanks
    Lolly88
    • #6
    • 7th May 18, 11:40 PM
    • #6
    • 7th May 18, 11:40 PM
    Perhaps doing myself a disservice but I don't feel comfortable making a second offer while the first is still out there.
    Originally posted by KingMob
    You're definitely doing yourself a disservice - having that sense of loyalty to vendors who haven't earned it will potentially do you out of getting a house you really want. I was in the same position back in November and kept waiting for weeks for the vendors to get back to me on my final offer. I did keep viewing other properties in the meantime but nothing as good came up. In the end they took the house off the market and decided they didn't want to sell and would extend instead to give themselves the extra space they wanted - complete timewasters ,.

    I'm not saying that this will be the same as your situation but as you pointed out it's things like this that gives you some insight into what going through the selling process with them will be like. If you want a home you're going to have to push past that comfortable feeling to get what you want.
    House Fund - 35078.21
    Currently buying a house
    • SG27
    • By SG27 8th May 18, 7:01 AM
    • 2,056 Posts
    • 1,296 Thanks
    SG27
    • #7
    • 8th May 18, 7:01 AM
    • #7
    • 8th May 18, 7:01 AM
    Perhaps doing myself a disservice but I don't feel comfortable making a second offer while the first is still out there.
    Originally posted by KingMob
    If you've heard nothing after a few weeks then either the estate agent isnt passing your offer on or the vendors arent really interesting in selling.

    Look elsewhere.
    • warby68
    • By warby68 8th May 18, 7:49 AM
    • 937 Posts
    • 9,557 Thanks
    warby68
    • #8
    • 8th May 18, 7:49 AM
    • #8
    • 8th May 18, 7:49 AM
    There really is no need to make it an ultimatum which can generate bad feeling. Offers are not binding so don't need to be formally withdrawn.

    Just keep the parties informed and look/offer elsewhere.

    Its not uncommon for vendors new to the market to want to wait a certain amount of time to see what interest is generated. Its also sadly not uncommon for people to test the market without being certain they will sell. There is nothing you can really do to force matters although nice, high offers can persuade some waverers.
    • KingMob
    • By KingMob 8th May 18, 7:54 AM
    • 14 Posts
    • 1 Thanks
    KingMob
    • #9
    • 8th May 18, 7:54 AM
    • #9
    • 8th May 18, 7:54 AM
    If you've heard nothing after a few weeks then either the estate agent isnt passing your offer on or the vendors arent really interesting in selling.

    Look elsewhere.
    Originally posted by SG27
    Finding the whole process to be quite soul destroying and from what I've read getting an offer accepted should be the easy bit.

    Same EA listed another property several doors down a few days after I made my offer and it was Sale Agreed last week. So starting to feel the vendors aren't fully committed to selling.

    Been looking at other properties, going to start pursuing these. Finding most aren't listed for long. Viewed one place that has been listed since July. Got a bad impression after owner telling me had an offer a week previous 35k under asking price, then the EA telling me it was 10k under and a day previous, then ringing me the next day to tell me it was bumped to 5k under and been 100 viewings which just didn't sound right.
    • warby68
    • By warby68 8th May 18, 8:00 AM
    • 937 Posts
    • 9,557 Thanks
    warby68
    House buying IS a challenge especially in an area where demand exceeds supply.

    I think the old-fashioned strategy of getting yourself on the local agents lists still works - you get early notice of new properties before they're on Rightmove etc. Its why some properties appear to sell so quickly after appearing publicly for sale, lots of action can take place behind the scenes in the few days between a vendor approaching an agent and the listing being ready. That's what you might want to get in on if its that sort of area.

    You can still operate with integrity just by keeping people informed but one property at a time really is not required.
    • googler
    • By googler 8th May 18, 10:50 AM
    • 14,777 Posts
    • 9,692 Thanks
    googler
    The buying and selling system in E&W could be changed to avoid this, all it takes is consistent lobbying of MPs in the right way.

    You're being strung out because the requirement for a timely response is not built into the system. So ... lobby for the system to be changed to make it part of the system. If part of your offer stated in writing that your offer was to be accepted by a certain date, and this was standard practice throughout the country, you would have your answer by now.

    At the moment, the Govt has proposals for change, but these, to my mind, aren't addressing the actual failings in the system (which I've stated many times before, so if the next question is "What failings?", please click on my user name and the "View previous posts" option)
    • westernpromise
    • By westernpromise 8th May 18, 11:02 AM
    • 3,811 Posts
    • 4,932 Thanks
    westernpromise
    If the vendors have lived in the house for 40 years there are two huge red flags. One is that they may be timewasters who won't even look for a place to move to until they've got a bid on their own place, which introduces months of delay. The second is that their place will almost certainly need every room gutting once you look at it all closely. All old biddies are convinced that they got their houses perfect 30 years ago and they haven't done a thing to them since.

    These people couldn't give a monkey's about your timetable. They're ignoring you, so ignore them and go for the other one you saw.
    Buying a house, if you believe the market has a way to fall, or if you are paying sill asking prices ( like some sheeple ) or if you are buying in London, is now a massive financial gamble!!!!! - June 8, 2012 by TheCountOfNowhere
    • ThePants999
    • By ThePants999 8th May 18, 1:01 PM
    • 1,119 Posts
    • 1,375 Thanks
    ThePants999
    I'd be forgetting about this property already - an owner who takes 3+ weeks to respond to an offer isn't serious about selling. Even if they do accept, you're going to find the rest of the transaction moves at an equally glacial pace.
    • KingMob
    • By KingMob 8th May 18, 1:49 PM
    • 14 Posts
    • 1 Thanks
    KingMob
    Argh, spoke to Estate Agent and not happy. Seems I haven't been told the whole truth and it'll be at least a week if not more before a decision is made.

    I asked about the situation during initial viewing, was told that vendors wanted to move in with relatives who lives nearby. When previously inquired about status was told the delay was caused by interest shown in the property and then vendors being on holiday. Now being told that the vendors aren't moving in with relatives but instead moving into relative's current apartment while they moves elsewhere. Their relatives doesn't have anywhere lined up which is the cause of the delay. Somehow this may (or may not) be resolved in the next week or two. Got impression that vendors would be happy to stay as is if their relatives doesn't find anywhere.
    • ViolaLass
    • By ViolaLass 8th May 18, 1:54 PM
    • 5,354 Posts
    • 7,402 Thanks
    ViolaLass
    None of this would stop them accepting an offer if they wanted to. You're still not being told the full story.
    • dunroving
    • By dunroving 8th May 18, 2:01 PM
    • 1,163 Posts
    • 812 Thanks
    dunroving
    It sounds like they are mucking you about. As others have said, *rseing around at this stage is predictive of *rseing around later, if your offer is accepted.

    I'd tell the EA that your offer is still on the table - for now - but that you are actively pursuing other options.
    (Nearly) dunroving
    • KingMob
    • By KingMob 8th May 18, 3:39 PM
    • 14 Posts
    • 1 Thanks
    KingMob
    Was told they don't want to accept the offer as they don't want to give me "false hope". Being upfront and honest would have been nice.

    The owner of the second property I'm interested in (different EA) was going to make a decision yesterday but since it was a bank holiday wouldn't find out until today. 90 minutes to go but I'm not holding out for much.

    Very few houses here are listed on rightmove, instead a local variant is used which isn't very informative. Have spoken to as many EAs as I can but is literally dozens each with a small number of properties.
    • diggingdude
    • By diggingdude 8th May 18, 3:50 PM
    • 186 Posts
    • 185 Thanks
    diggingdude
    They are taking liberties. leave the offer on the table but find something else. Even try and view other properties with that EA as a wake up call
    House Deposit - Target 20000 April 2019
    Current Savings - 10225 13121.22
    • SG27
    • By SG27 8th May 18, 3:50 PM
    • 2,056 Posts
    • 1,296 Thanks
    SG27
    Why have they got their house in the market if they aren't ready to sell? Forget it find somewhere else.
    • KingMob
    • By KingMob 12th May 18, 9:01 PM
    • 14 Posts
    • 1 Thanks
    KingMob
    Just an update in case anyone cares.

    Another week has passed and still no decision. EA gives a different story everytime contacted. Some family member is on holiday and no-one knows when they are due back.

    After almost 4 weeks, someone else has offered 1.5k more than my original offer. EA throwing hands up and claiming issue is due to vendors being an elderly couple but still organising viewings apparently.

    I've given up on this property and pursuing alternatives. Vendor is losing out as I've have been happy to offer a significant amount more but not going to happen now.

    As a FTB and I'd admit naive, I've been shocked at how the EA has handled this.
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