Response to offer-How long does it take.

P

papervalue

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I have made an offer on an property mid week- Just wondering how long should it take to get a yes or no from agent. How long would you leave it before contacting estate agent. Is it possible agent will not contact or respond to your offer at all. I bascially looking for a yes or no answer. The house i am looking at is on the market for a good while. It is hard to knew what to offer( As far as i can see the house was orginally €260 down to €230 and back to €250 through different agents over a period of time, I found this information by internet research which tells when property first seem on net and how many prices drops,)

I am looking for estate agent view as well.

Thanks
 
It really depends on the people involved and other things going on.

  • They might be indecisive and are not sure whether to accept your offer.
  • The offer might be well below asking and they are not sure if they want to sell at that price.
  • There might be other prospective purchasers and they are holding out on responding to you until they know whether they are going to put in an offer.
  • A family member might be ill (or have died) and the house is the last thing on their minds.


Be patient - if you don't hear within a week of making the offer, then contact the EA and see if they're near making a decision and if there's any reason for the delay.
 

I fairly sure their is no other offers. I think it is down to price.

Thanks
 
i dont think i would be too much of a rush to contact the EA..it may give him the idea that you are over keen to buy, thats just my take on it for what its worth.
 
MrMan said:
What price have you offered.
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The info i got off the estate agent is he would negotiate at €230 before i went to see property. At viewing he said a bid of 220 was rejected before he got involved 3 months ago( a lot has happened in 3 months) since them i have done the internet research as previously posted and offered €213 as opening offer. If i can get it for around €220 i would give him another few thousand to tile it as it is a builders finish.
 
The only reason i want to get a deal done is their is around 4-6 weeks work for him to do(included in price) and my mortage in principle approval runs out early Jan so i want a deal complete pre christmas
 
Uh oh, here we go with the Christmas malarky. Forget about being in by Christmas if the house is still being built.
 
extopia said:
Uh oh, here we go with the Christmas malarky. Forget about being in by Christmas if the house is still being built.
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i dont need to move in, no rush on moving in at all. Just i like to have contracts signed sealed and completed.

I be more worried about trying to get extension on mortgage in principle in current climate.
 
Well if he does accept your offer tell them that you will sign and close in same week but there would have to be obvious signs that the work was completed, so set a date week before christmas or earlier if possiible. RE price, would you take it as it is for the price you are offering and get someone to finish jobs for you?
 

No i would not take it with out him bringing it to a builders finish stage. I would not have the money to get some one else to finish it. The builder has brought it to a stage and wants a sale agreed before completing his work.

It really is down to an acceptable price- With the current climate would he be better off accept an offer. The figure of €213 to me is an opening offer and the max i think i would go if i could get tiling included is €230.

I say he might say no, and i may go back with a offer of 216,500

Thank you
 
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Bronte said:
For what reason do you think a bank would not give you a mortgage offer again?
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Just that the banks are going through such uncertain times, Some banks could be gone by Jan and if things get worse they might be less inclined to advance mortgages.
 
Try telling the estate agent that this is all you can afford and give the reason that you are in a hurry for an answer.

In the meantime - It'd be no harm have a back up property in mind if this one falls through.

Tell the agent it's between this and another property and that you are in a hurry for a decision. It's a buyers market now - take advantage. Give him a deadline for an answer.

He'd be a fool to turn away a bird in the hand, and as you say 3 months is a long time between offers...

I'm not an estate agent just someone who has been burnt by them during the 'boom' times! So not bitter...
 
For those that feel they got burnt by EA's you might be surprised to know that they don't actually decide what is the acceptable price to sell, it is down to the vendor. The OP could be dealing with a stubborn vendor or one who doesn't realise or want to know what market we are in and unfortunately if that is the case his best bet is to move on. It is amazing the diffenerence in thinking between buyers and sellers and how far apart a common ground actually is. I recently received offer €1,000 over asking price which had only dropped 4% from last years prices and vendor wanted a further €4,000. Needless to say house is still on the market no viewings, no offers and no brains.
 
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