Just carry on as if you will not get it and looking elsewhere. The longer they don't get back the more likely they will accept apart from the obvious problem I mentioned earlier.
Let me know how you get on. In a similar position!Thanks so much for all the advice. Going to play the long game and hope for the best!!
Depends on a number of factors - how long it’s been on the market, what is the vendors position and how much below asking have you offeredI am in a similar situation but EA explicitly said the vendor rejected our bid. There are currently no other bidders and the EA has shown the house 4 times. Do I need to increase the bid if it was rejected or wait it out?
Hi there,
FTB here. I placed a bid just over a week and a half ago on a house for 10% below asking..the estate agent has said that a successful precovid bid fell through at 2% below asking (bidders job affected by covid).
I've compared properties on the road that have sold within the last 12 months. I think my bid is fair based on the property price register values (some needed work and were sold for lower, some with more work done than this one sold for higher) .
I went to view another house with the estate agent and casually enquired on this the status of my bid..she told me that the vendors had been considering it but that they would need something closer to asking to take the bid seriously. She didnt explicitly say that they had rejected it. My questions are
1) should I ask for confirmation that my bid has been rejected
2) I can increase my offer..should I do this now and set a time limit on rejection or acceptance?
OR
3) as the only bidder patiently wait it out?
Any help would be appreciated from anyone wiser/more experienced than me. I'm not sure if its relevant information but I'm buying solo. Thanks in advance.
I am in a similar situation but EA explicitly said the vendor rejected our bid. There are currently no other bidders and the EA has shown the house 4 times. Do I need to increase the bid if it was rejected or wait it out?
5% below asking. The house been on the market for a month and has had around 5 viewings. The EA has said the vendor is in no hurry.Depends on a number of factors - how long it’s been on the market, what is the vendors position and how much below asking have you offered
Then you’re in no hurry either. 5% seems reasonable.... unless property priced well under ‘market value’ in order to gain interest. Silly though if it has. Property market has stalled while people are on WSS and PUP. Are you affected? Can you drawdown a mortgage?5% below asking. The house been on the market for a month and has had around 5 viewings. The EA has said the vendor is in no hurry.
Yeah! I can draw down a mortgage and am not in a chain. I had hoped the process would be a bit quicker once we find the right house but I agree waiting it out is my best bet. Thank you for your input.Then you’re in no hurry either. 5% seems reasonable.... unless property priced well under ‘market value’ in order to gain interest. Silly though if it has. Property market has stalled while people are on WSS and PUP. Are you affected? Can you drawdown a mortgage?
Inform the EA in writing/email that you’re withdrawing your offer. Best of luck, there’s plenty of properties out there and bound to be a lot more coming onto the market soon.Hi as an update to this I got news my first bid was rejected so I asked for the vendors expectations. I then slightly increased the offer from 10% under asking to 7% under asking to try get things moving after so many weeks. I am still the only bidder. Ive been told that's still too low to be considered and they need asking price so at this point I am going to start looking elsewhere or hope that the vendors expectations come down a little in line with the current market. If anything changes I'll post an update here. Thanks for all the advice.
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