Made offer - how long to wait before pushing the issue

1eyeonthefuture

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So made an offer on a house 3 weeks ago. It's currently the highest offer but not at the asking price.
Since then there have been a number of viewings.
Am not in a property chain.
How long before you start to agitate for a decision as there are other properties out there that are of interest etc.
Any advice gratefully accepted as a relative noob to the game.
 
If you push for an answer it will be seen as weakness by the estate agent and it will cost you 1000's. You could end up bidding against yourself.
If the estate agent hasn't come back to you then that could also mean they've received higher offers from other people and they don't need your offer or are just keeping you "warm" as a fallback (telling you that you have the highest offer).

Keep looking for other properties. If you are set on this property don't phone the estate agent yourself. Get a friend to enquire as if they were interested in the property.
 
You should contact the estate agent and ask for an update. If the seller is holding out for the asking price and is convinced they will get it, and is in no hurry, they wont respond well to an ultimatum.

You should definitely start looking again so you have back up options.
 
I agree. I think its a good idea to contact the estate agent, but I agree with Laughahalla that you shouldn't sound too keen. The estate agent will use this to get a higher offer from you.

Think about how much you are willing to pay for this house, look again at other houses and decide if you want this one badly enough to pay more,
 
Having been on both sides of this a few times recently, I'd suggest putting yourself in the shoes of the seller and think about what's running through their mind. There's generally nothing more to it than holding out to get the best value without losing the bidder that is there.

The EA probably suggested a figure the house might achieve, somewhere slightly above the asking price, which will now be stuck in the sellers' head and anything below that will feel like they're not getting fair value. If they think you're not going anywhere they will keep doing viewings until they find a higher bidder or are convinced they won't get a better offer. Depending on where you are in the country and the price point of the property that could mean weeks or months.

If you want to get the property below the asking price then I'd suggest you contact the EA and tell them you need to move on and they are to revoke your offer Friday of next week if there isn't a decision either way. Even if you do this, you can always ring the EA a couple of weeks afterward and tell them that you probably would still be interested in the property if the seller becomes serious. The EA primarily wants to get the property sold or they get €0 for their efforts, the price is a distant second and makes little difference to what they earn.

If you really just want the property and you think it's probably worth the asking price I'd contact the EA and tell them you're willing to offer the asking price but are withdrawing from the process Friday of next week unless a decision is made. The seller will be happier as they at least got the price the EA suggested, you can be happy it didn't go over the asking (as the majority of properties seem to be at the moment).

In either case you don't want to sound keen, you want to sound frustrated and serious about moving on, hence the 'withdraw my offer in a week' not 'I will withdraw my offer'.

I wouldn't agree with getting a third party to contact the EA and ask for details, all that does is make it look like there's more interest and it will tempt the seller to hold on longer. I also wouldn't just leave it to see what happens, you might miss somewhere else, the seller might decide to take it off the market, another bidder might come along etc. The only exception to this last point is if it's a particularly unusual property (expensive, in a slow area etc) which do tend to stay up for a few months, but I presume the fact you think 3 weeks is a long time this is not the case.
 
Ring the estate agent to request an updated status then make a decision based on this info.
Keep looking at other properties, do not rely on this one in case they are not seriously considering your offer!
 
Unless they are selling an investment property they don't actually need there will be some kind of time limit on how long they can wait before they concede that their desired price is overambitious. So no need to push the issue - most sellers will realise within a month or two of an offer that there isn't another one coming. Most people will look at PPR & see what similar prices are getting so if they are looking for higher than recent sales of similar properties chances are sooner or later they will concede.
On the other hand, if there has been more than one bidder they might be holding on to see if someone else bites before deciding to go ahead. Again, they won't wait forever, especially now that interest rate rises are being mooted (if they are buying another property in particular, as they won't want to leave it too late and end up missing out on a lower interest rate).
 
Some of the advice here is conflicting. As Brendan alluded to you never know what is going on the other side.(executor sale etc)

If there is a higher offer than yours the agent will normally contact you so no worries there.

From my experience as a seller and a buyer recently, agents prefer straight talkers (even though their obligation is to vendor)

Leave it the weekend. Contact the agent. Ask for an update. Give them a timeline for a response

A. Accept offer
B. Reject offer
C. Reject offer but negotiate.

Stipulate a timeline where your offer will stand to. If you want to negotiate then negotiate. If not, stick to your timeline and withdraw offer.

There is generally a lot of tooling around after offer accepted and no guarantees until contracts signed
 
If the agent has other similar properties listed, asking about them will let them know you are still looking.
 
If the agent has other similar properties listed, asking about them will let them know you are still looking.
But be careful, If you ask about properties that are more expensive they will know that you can pay more for the one you really want. They will try to extract the maximum from you.
 
update on this.
Seller wouldnt accept the highest bid.

Left it for a while and no further bids came in.

Went back to the seller and asked what would they accept.

Offered this.

Seller removed the property from the market the next day.

Now not selling.


Go figure:eek:
 
Seller removed the property from the market the next day.

Now not selling.
This happens, particularly around this time of year when the market is traditionally quieter. Don't be surprised to see it listed again in Spring when the longer days brings a busier market and with it higher offers.
 
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