Made an offer - how long to wait?

D

dmitri14

Registered User
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I have made an offer on a property today.
One previous offer (below the asking price) was rejected.
Mine is higher, but still below the asking price.

What is the reasonable time to expect an answer?

When is a good time to call the agent asking about it?
 
From my own experience although quite a few years since I bought our house I was advised to make an offer, but to inform the auctioneer that my offer was valid to a specific date. I did, the auctioneer did not take me serious and the house was not bought by me. I contacted the seller and he would have accepted my offer and he took the property from the estate agent. I was not going to get involved in a bidding battle.

I did the same next time out and bought a the property.

I know things have changed since, but pick your battles . . .
 
In all my time looking at and thinking about property and even buying some I have never understood the concept of a time limited offer.

Its not that I disagree with it, its just that I dont understand it.

If the house is worth €x to you today why would it not be worth that a some future date. I think if I was selling or a sellers agent I would just think you were a messer if you made a time limited offer.

Of course if you found a better house you would move on, but you cant know when this might happen in advance.

If the seller is interested in you offer he will be back to you, dont rush it.
 
As a first time buyer i will explain it from my angle.

2 houses that i have my eye on. Both the same price.

I say to one i will give you 10k less than the asking but you have to give me an answer in the next 2 weeks, if not i will offer the full asking on the second house.
Now ive never done this before. I ma first time buyer, buying in the next couple of months.

But this seems to me how the logic works.

Is there such a thing as withdrawing an offer that has been accepted? I would have thought it would be better for all if i offer 1 with a fortnights notice and then offer the other if they reject.

If the second rejects then go back to first and offer full price.

Maybe someone who has bought and sold multiple houses could correct me.
 
You can withdraw an offer, it's not a problem as long as you're not at a public auction. Look, if you want to put an offer on a house, just do it, if the auctioneer thinks you're genuine he'll be back to you. People can talk about strategy, etc, till the cows come home but the house will be sold to the highest bidder or the one who can complete the quickest. If you happen to be bidding in Dublin, the property will usually exceed the asking price fairly rapidly. If you want it, like it, set your heart on it, then go and put the asking price on it and you'll soon know where you stand. As I said you can always withdraw the offer before signing anything. Don't do it too often, they'll have your card marked, they're not as thick as you might think!
 
The only scenario that a time limited offer makes sense is if you have made an offer, the house as been for sale for weeks, you strongly suspect that you are the only bidder and they are holding out to try to get you to offer more. Then you say - Accept my offer or I walk. This MAY force the seller to admit that this is the best offer they are getting. Then again, some sellers even in the recession were unable to admit that their house value had fallen.

However, if there are multiple people interested in buying the house, the estate agent has an obligation to the seller to get the best price and if you claim that your offer only lasts a week, and they get another bid or are sure that they will get another bid, then they will not be interested in you as a buyer.

To the OP, I know its a nerve wracking time, but if you ring back within a day or two, you are admitting that you are very keen and are going to bid more. Don't show all your cards. You dont know how keen they are to sell quickly, or how realistic they are about the asking price, so you have let the seller consider you offer and go back to the under bidder.
 
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