time limit on bid

is this something which achieves nothing bar putting the EA on the defensive , i hear some people claiming its a useful tactic in sussing out whether a property is genuinely for sale

how long should it take for a bid to be either accepted or rejected , i have a bid in three weeks and i offered them the asking price , the previous bid was only 5k below it

Two days should have been long enough for them to decide if they accept the asking or not and one week was enough to see if the underbidder was prepared to top your offer. Obviously, they are still fishing in the market for another bidder to beat your offer. Its time now to tell them that youre moving on unless they accept your offer. Its obvious that nobody else has materialised and that your offer is fair so its time to tell them you will take it off the table unless they accept pronto.

sunnydonkey said:

Two days should have been long enough for them to decide if they accept the asking or not and one week was enough to see if the underbidder was prepared to top your offer. Obviously, they are still fishing in the market for another bidder to beat your offer. Its time now to tell them that youre moving on unless they accept your offer. Its obvious that nobody else has materialised and that your offer is fair so its time to tell them you will take it off the table unless they accept pronto.

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i actually emailed the EA on sunday , telling him that i was putting a time limit on the bid and that it would expire this coming friday after the close of business , this was having been told last friday week that my bid from nearly four weeks ago now should be fine

he hasnt even acknowledged my email


maybe im not going to get it anyway but tbh , im not sure ultimatums work with estate agents , they are pretty egotistical folk

You must remember one critical factor here. Its not the estate agent who is accepting or declining your bid, its the seller(s)
Very often the estate agent , having heard back from the seller(s) that the bid is declined will keep the offer party hanging and this can be for a myriad of different estate agent tactics.
In my experience, if you haven't heard back from the estate agent within a few days ,you can normally assume the worst.

Dr.Debt said:

You must remember one critical factor here. Its not the estate agent who is accepting or declining your bid, its the seller(s)
Very often the estate agent , having heard back from the seller(s) that the bid is declined will keep the offer party hanging and this can be for a myriad of different estate agent tactics.
In my experience, if you haven't heard back from the estate agent within a few days ,you can normally assume the worst.

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the EA emailed me yesterday , his tone was cordial in that he didnt react defensively to my time limit bid , he asked to wait another week as his client is NAMA and that decisions can take longer , i dont know if this is true or not

If the client is NAMA it is very possible that the property is part of Project Arrow. This has resulted in a substantial portfolio of properties previously put on the market by NAMA being either taken off the market completely or temporarily withheld from sale pending a sale of the loan portfolio known collectively as Project Arrow (see also Project Eagle). It is likely that Cerebus will be the purchaser of this portfolio but it is also likely to take substantially longer than a week or so before this issue is settled. i.e. well into the New Year. If you are in a rush to close this purchase I would tend to look elsewhere if you receive no response by next week.

i somewhat doubt that cerebus are bothering with the kind of modestly priced property im talking about , those guys go for high value assets in key locations