How long to leave an offer in for?

gmisk

I put a bid on a small house roughly 2 1/2 weeks ago. It was my second viewing there have been approximately 5 viewings so far.
The house is on at 185, my offer was 170, I felt it was a very fair price given the size etc of the house (it wouldnt really suit a family, only 61 sq m).
I am still the only offer on this house (after 3 more viewings).
My question is how long should I leave this offer in for?
Should I perhaps set a time limit on this offer? Or ask the EA to talk to vendor and give me a minimum price they will accept?
Any advice much appreciated.

Dr Strange

Not sure about the time frame but I believe the EA is legally obliged to come back to you with an answer either way so you should at least get a reply and opportunity for a counter-offer if another offer exists.

TeaBagMania

Personally, I play hard ball. 2.5 weeks is more than enough time to make a decision.
They are fishing for a buyer willing to pay more and wasting your time in the process. If the only offer on the table retracts their bid and walks it might speed up the decision making

Gandhi

Two weeks is ridiculous. Here (in the US - at least in Pennsylvania) the standard is 48 hours on an offer, which is explicitly written into the text of the offer. Same applies if the seller makes a counter-offer.

pm1977x

Definitely wouldn't ask what the minimum they'd accept is or you'll end up bidding against yourself.

rasgav

I would definitely call EA asap and set a very strict time limit on my offer (eg call today with deadline of 5pm Monday).

gmisk

I rang EA...I am still the only bid...

I said absolute maximum i would offer is 172, and that would have to include the contents, I said I need an answer by Monday. If its a no I am withdrawing both bids. So we will see.

Diane Selwyn

I was looking at small places as well and was surprised how much interest there seemed to be from people with young children but thought maybe they are considering less space for a preferred area? Anyway its beside the point which is that I never had to wait that long for either an answer or counter offer. Is it a receiver sale? I was looking at one place being sold by receivers and they seemed happy to drag it out. If you indicate that you are bidding on another property as well they might get their act together a bit faster. Best of luck with it.

conan_doyle

Preusse wrote: »

Not sure about the time frame but I believe the EA is legally obliged to come back to you with an answer either way so you should at least get a reply and opportunity for a counter-offer if another offer exists.

i put a bid on a property in D7 two years ago , EA never came back to me , i done something else with the money afterwards as it was an investment

it happens

Dr Strange

conan_doyle wrote: »

i put a bid on a property in D7 two years ago , EA never came back to me , i done something else with the money afterwards as it was an investment

it happens

Oh I am not saying that it can't happen, just that it shouldn't and that there is some legal obligation as well as far as I know. I think I read it on the property pin.

spockety

gmisk wrote: »

I rang EA...I am still the only bid...

I said absolute maximum i would offer is 172, and that would have to include the contents, I said I need an answer by Monday. If its a no I am withdrawing both bids. So we will see.

You bid up 2k against yourself?! :eek:

roadsmart

spockety wrote: »

You bid up 2k against yourself?! :eek:

That's the way I read it too.

shruikan2553

spockety wrote: »

You bid up 2k against yourself?! :eek:

Depends on whether the 170k was including contents or was negotiable

gmisk

shruikan2553 wrote: »

Depends on whether the 170k was including contents or was negotiable

The 170k was not including contents, I upped it to 172k if the owner leaves contents...apparently he is sale agreed on another property..so you think he would accept a very fair offer at this stage...sure I will know by close of business Monday either way...

roadsmart

Good luck. I had an offer accepted by the vendor on a house 9 months ago, but we are still waiting for the bank to agree to the sale:rolleyes: (vendor owes them money).

gmisk

roadsmart wrote: »

Good luck. I had an offer accepted by the vendor on a house 9 months ago, but we are still waiting for the bank to agree to the sale:rolleyes: (vendor owes them money).

I can do better/worse than that....I was sale agreed for over a year....vendor pulled out in a one line fax.

Hopefully by the end of today I should know RE my bid on this place!

roadsmart

Fingers crossed.

Murt10

Ignore the EA.

He's obviously not doing his job, or maybe he is, but don't forget he's not working for you. He is employed by the vendor to get the highest price he can.

Call round to the house in person and ask the vendor what the story is.

Tell him that you have another house in your sites, but would prefer his, but that you need to know one way or another, before you put a bid in on the other (non existent) house

gaius c

Is the bank "involved" with this sale? From your post about the vendor being sale agreed elsewhere, I'm guessing no?

Just from experience, even selling a place with no negative equity at all, the banks are veeeerrrrrrryyyyyy slow to move these days and the reason for the holdup is probably them.

It's also another excellent illustration of how vendors (and other folk on that side of the deal) are holding the market to ransom.

gmisk

Basically he wants more money than what I have offered, but to be honest its tough!, there have been 6 viewings, I am the only person bidding.
It is a small house (62sqm) so it wouldnt suit a family etc.
Offer good til 5pm this evening, then I am walking away.
No negative equity on the house, vendor is sale agreed on another house! You would think he would want to sell it!?!?

Believe me I will never in my life get involved in a negative equity house sale after my last experience.

Murt10

gmisk wrote: »

Believe me I will never in my life get involved in a negative equity house sale after my last experience.

What happened?

yankinlk

Murt10 wrote: »

Ignore the EA.

He's obviously not doing his job, or maybe he is, but don't forget he's not working for you. He is employed by the vendor to get the highest price he can.

Call round to the house in person and ask the vendor what the story is.

Tell him that you have another house in your sites, but would prefer his, but that you need to know one way or another, before you put a bid in on the other (non existent) house

I am not a fan of EAs personally - but this is bad advice.

The vendor in this case IS a fan of using an EA - they have employed them to do the job. If you come knocking on the door - to someone who has no interest in dealing with you directly - what do you think is going to happen?? Stress and bad feeling will follow.

The OP is doing the right thing. If its meant to happen - it will. I put a time limit on a bid and walked away. Got a much nicer house in a different area as a result. Dont drive yourself mad trying to guess what the vendor should be doing in your opinion... to many variables.

gmisk

Murt10 wrote: »

What happened?

The vendor had no agreement whatsoever to sell the house (buy to let)...they were in mountains of negative equity with AIB, they didnt obviously get the deal they wanted from them...so after 12 months sale agreed...2 line fax to my solicitor saying they would no longer be proceeding with sale, after me incurring legal costs, structural survey costs, plus the cost of 2 surveys! the joy!

I wont be doing it again believe me.

gaius c

gmisk wrote: »

Basically he wants more money than what I have offered, but to be honest its tough!, there have been 6 viewings, I am the only person bidding.
It is a small house (62sqm) so it wouldnt suit a family etc.
Offer good til 5pm this evening, then I am walking away.
No negative equity on the house, vendor is sale agreed on another house! You would think he would want to sell it!?!?

Believe me I will never in my life get involved in a negative equity house sale after my last experience.

But he hasn't actually said how much more he wants for it and is communicating through the medium of tense silence?

This is going to keep going until the property market with a 75 year turnover rate changes to something more normal.

Fratton Fred

This is what I find incredibly frustrating with estate agents (other than the majority of them talking to you line you're a piece of ****). You make an offer, EA advises the vendor, vendor says yes or no.

What's with all the waiting around and mind games.

gmisk

Apparently in the words of the EA....vendor is looking for 185k (i.e. asking price, and not a penny less).
So offer withdrawn.....house on market 4ish weeks and I am only one to put in an offer.
Sure I will leave it to him.

TeaBagMania

Withdraw offer and keep looking, people situations change daily and they might come back and accept your offer

gaius c

gmisk wrote: »

Apparently in the words of the EA....vendor is looking for 185k (i.e. asking price, and not a penny less).
So offer withdrawn.....house on market 4ish weeks and I am only one to put in an offer.
Sure I will leave it to him.

You're probably wiser to. Once the vendor got you to move once, they'll probably think they can squeeze you a little more again.
And it doesn't sound like you were all that keen on the place again.

Fratton Fred

gmisk wrote: »

Apparently in the words of the EA....vendor is looking for 185k (i.e. asking price, and not a penny less).
So offer withdrawn.....house on market 4ish weeks and I am only one to put in an offer.
Sure I will leave it to him.

Frustrating situation. The EA may never have even told the vendor of your offer, just doesn't want it to go for below the asking price and set a precedent for property in that area.

gmisk

Fratton Fred wrote: »

Frustrating situation. The EA may never have even told the vendor of your offer, just doesn't want it to go for below the asking price and set a precedent for property in that area.

I doubt that....but then again you never know with EAs.

I would be surprised if it sells at the current asking price....but hey we will see you never know in dublin!

Fratton Fred

gmisk wrote: »

I doubt that....but then again you never know with EAs.

I would be surprised if it sells at the current asking price....but hey we will see you never know in dublin!

The agents are playing games, talking up the market.

I have two friends with property on the market at the moment and both are constantly being told that they should expect to get over the asking price, despite only having had a handful of viewings and no offers in three months.

gmisk

I have an offer on a house now (15k below asking) house on market 4 weeks (Its currently rented out no negative equity).
I am the only offer on property (offer with EA since Monday) has been two viewings since then....still the only offer.
I have said I need to know by Monday......does this seem like the best strategy? Any advice really welcome!

Balmed Out

Check what kind of lease tenants have if you plan to move in yourself.

gmisk

The EA has confirmed house will be sold with vacant possession

BookBook

gmisk wrote: »

The EA has confirmed house will be sold with vacant possession

Is may not have neg equity but check if it is repossessed or not.

Also vacating the property may or may not take time (depending on if they are happy to go or not).

Just some things to consider.

gmisk

EA has also confirmed no negative equity and bank is happy for owner to sell.