Waiting for bid to be accepted

Paddytheman

So have been top bid on a property for two weeks now having outbid the other party involved at over the advertised price. We know the seller is in a chain as this was made clear from the outset. I called EA last week to ask what was happening and they said they were waiting on vendor to get back to them, that was several days ago and now I feel I'm being stalled. Having a bid on another property we really don't want to miss out on both but this property would be our preferred, is there any way to push to get the sale through given that I wouldn't go for the "you have until the end of today" approach?

Cheers in advance...

whiskeyman

In this case I really feel you have to set a time limit on the bid.
If they really intend to take your offer, they will.

Best you find out sooner rather than later.

Best of luck!

riclad

Ring up the agent,say if i make a bid i expect a reponse in the next week,
is it accepted or rejected ? .I am looking at other houses as well.
its up to the seller to accept or reject your offer soon.

BenEadir

Paddytheman wrote: »

So have been top bid on a property for two weeks now having outbid the other party involved at over the advertised price. We know the seller is in a chain as this was made clear from the outset. I called EA last week to ask what was happening and they said they were waiting on vendor to get back to them, that was several days ago and now I feel I'm being stalled. Having a bid on another property we really don't want to miss out on both but this property would be our preferred, is there any way to push to get the sale through given that I wouldn't go for the "you have until the end of today" approach?

Cheers in advance...

You have no leverage unless you make it clear your offer lapses if not accepted by X date. If you don't specify that date in a credible manner the EA and/or seller can just hold your offer as a backstop whilst actively trying to secure better offers in the market. The longer you leave your offer open the more you are effectively competing with yourself.

If I was in your shoes I'd call the EA and tell them that your offer is good until close of business Thursday at which time it lapses unless it's been accepted and the house has been withdrawn from the market i.e. off all websites etc and not left up there as "sale agreed" which in effect means it's still being advertised and others can still place offers on it which the EA would be obliged to pass to their client.

Either you're in control of your offer or the EA/Seller is.

Your choice.

davo10

BenEadir wrote: »

You have no leverage unless you make it clear your offer lapses if not accepted by X date. If you don't specify that date in a credible manner the EA and/or seller can just hold your offer as a backstop whilst actively trying to secure better offers in the market. The longer you leave your offer open the more you are effectively competing with yourself.

If I was in your shoes I'd call the EA and tell them that your offer is good until close of business Thursday at which time it lapses unless it's been accepted and the house has been withdrawn from the market i.e. off all websites etc and not left up there as "sale agreed" which in effect means it's still being advertised and others can still place offers on it which the EA would be obliged to pass to their client.

Either you're in control of your offer or the EA/Seller is.

Your choice.

Dear God do not do this, it does not work and prevents you from re-entering the bidding, from then on the EA will think you are a messer.

In a seller's market, the seller is always in control, most will not care if you pull your offer, right now they can be reasonably confident that another bid will be along soon, yours will have set the bar and EA will be able to tell potential bidders that yours was not accepted.

Hang tough, bid on another house if you wish and if that is accepted then withdraw the bid on this house but don't knock yourself out of the bidding on this one by putting a time limit.

BenEadir

davo10 wrote: »

don't knock yourself out of the bidding on this one by putting a time limit.

That's exactly what EA's want you to think i.e. it's a sellers market so you as the buyer have no leverage. Putting a time limit on your offer does not equate to knocking yourself out of the bidding. If your offer is in the ball park of what the seller will accept by putting a time limit on it you'll make him/her make a decision at which point they will have to decide if a bird in the hand is worth two in the bush etc.

The idea that an EA will label you a messer is a joke. If anything the EA will respect the fact that you are assertive and not prepared to be used as bait to attract a better offer.

Davo10 is advocating you grant control of the process to the EA/Seller. I'm advocating you take control of it but don't take my word for it, Carol Tallon who purchases property for a living http://buyersbroker.ie advocated the following in an article for the Irish Independent - http://www.independent.ie/life/home-garden/homes/how-to-negotiate-the-deal-to-buy-a-first-home-26741049.html

Time limit:
A timed offer will focus the sellers mind on the offer, that is to say, the seller cannot wait for weeks and use the offer as leverage to pressure other buyers. The offer should be valid for a period of 48 to 72 hours. An offer that is not accepted during that time frame is deemed to be rejected.


The market has moved on from that 2011 article so the advice to go in with a low ball offer is no longer applicable but the rest of the article remains sound advice regardless of where in the cycle property prices are.

spaceHopper

This time of year everything slow down very, people are busy in the run up to Christmas so you can apply some pressure.

Call the EA don't be confrontational just tell them you are also bidding on another house, but that of the two you prefer theirs and need to know where you stand.

Ask them what is stopping the vendor from accepting your offer. It might be that your offer is two low and they can't complete the purchase on the other side. In which case you either need to up your offer if you can and really want the house or walk a way and focus on the other house. Or they could just be holding of for more out of greed.

davo10

BenEadir wrote: »

That's exactly what EA's want you to think i.e. it's a sellers market so you as the buyer have no leverage. Putting a time limit on your offer does not equate to knocking yourself out of the bidding. If your offer is in the ball park of what the seller will accept by putting a time limit on it you'll make him/her make a decision at which point they will have to decide if a bird in the hand is worth two in the bush etc.

The idea that an EA will label you a messer is a joke. If anything the EA will respect the fact that you are assertive and not prepared to be used as bait to attract a better offer.

Davo10 is advocating you grant control of the process to the EA/Seller. I'm advocating you take control of it but don't take my word for it, Carol Tallon who purchases property for a living http://buyersbroker.ie advocated the following in an article for the Irish Independent - http://www.independent.ie/life/home-garden/homes/how-to-negotiate-the-deal-to-buy-a-first-home-26741049.html

Time limit:
A timed offer will focus the sellers mind on the offer, that is to say, the seller cannot wait for weeks and use the offer as leverage to pressure other buyers. The offer should be valid for a period of 48 to 72 hours. An offer that is not accepted during that time frame is deemed to be rejected.


The market has moved on from that 2011 article so the advice to go in with a low ball offer is no longer applicable but the rest of the article remains sound advice regardless of where in the cycle property prices are.

Right, so you are using an article from 2011 when some sellers couldn't give their property away, prices were on the floor and cash buyers were hoovering up property? I don't think that bares any resemblance to today's market where there is a shortage of property, prices are rising and property in sought after tends to have multiple bidders willing to pay well above asking.

When you put a time limit on an offer, at best it is ignored because the seller and EA know there is a high probability of another bidder coming along soon, at worst they think you are a messer who doesn't know about the current market. What happens when the 72hours elapse, do you go back and say "ah well I was only messing, the offer is still on the table"?. What's the point? It's a seller's market, unless it is an area of very low demand the seller will happily hold out for longer to see if a higher bid is out there. It's low risk for the seller.

BenEadir

We have opposing views so little point going round and round like a record (tip of the hat to Pete Burns RIP). I already addressed the date of the article and could easily find similar professional advice issued closer to today's date but I'll let the op do his own research and decide.

Paddytheman

Cheers for the advice, appreciate your time.

The house is on the market over 6 weeks and tbh I expected the bidding up until now to have been more competitive. Like I said the owners are upgrading and on my asking on our first visit the EA had said it wouldn't be a long drawn out sale. I guess I'll just make it quite clear that we have a big decision to make by the weekend, not threatening to withdraw but quite clear we have other interests and can't hang around if the sale isn't progressing. Thanks again.