How long for feedback on offer?

Hi folk,

Lots of helpful advice on these boards so far.

We've put an offer in on a house that is a bit below the asking price but not what we consider significantly below (< 5%). The house has been on the market a long time with no offers and we're not in a chain - the price was significantly reduced in the last month.

How long should we expect to wait for a reply - or should we be setting a deadline?

We thought they would be biting our hands off but we're getting worried now - really love and want the house.

If they've significantly reduced the price within the last month and you've offered them less, even though it's < 5%, they may still not be too happy to let it go for what you're offering, considering that they have reduced the asking price just a short while ago.

I wouldnt start stamping your feet at this early stage of a deal, keep the pressure on the EA to get a response

Each EA is different. Some will come back there and then, other won't. I recently had an EA tell me I was the highest bidder after two and half months and did I want to go higher to secure the property. If you don't set a deadline it can really drag on.

Set a reasonable deadline.

Thanks everyone, lots to think about there.

Would a week be considered reasonable? There's no way we can wait months - we'll have nervous breakdowns! Not any good at this at all.

Also, it looks like an open viewing has been set up for next weekend which is how we first saw the house. Can't tell if this was set up before or after our offer but I guess they are trying to suss out if there might be other interest and then start some sort of bidding war.

Not sure if we should ask if there's a price that will secure the property. Any recommendations or advice?

If you show you're too keen you could end up bidding against yourself, definitely do not ask if there's a price that will secure.

You've made your offer, try and relax. There are other houses out there and probably some near the house you're looking at.

I'd wait until after the open viewing and not contact the EA at all, let them come back to you.

Normally when someone is selling they will be given an opinion as to the value of the property. They will also be given an AMV (Advised Market Value). Many times this is the figure the seller hopes to achieve but sometimes an estate agent may give a higher AMV hoping to get the business. It may take a seller some time to adjust their expectations especially if they have to lower them because of lack of enquiries. A seller will also have to take into account how much money they would be left with having paid estate agent fees, marketing, legal fees, possible loans etc and how much that leaves them to trade up/down etc. They may also hope you can go higher on your offer and may not want to appear too anxious to close the sale. If they agree too quickly to your offer then they may show their hand and you might lower your offer.