How long to hear back from a bid?

Henrys Grimey Paws

Hi,

Saw a house last weekend and placed a bid on it on Monday just above asking (there was a bid a little over asking price already on it). So far have heard nothing back from the EA on whether the bid is rejected or not, I presume he's attempting to flush out a higher bid from elsewhere but generally when should I expect to hear something back?

Are we talking days or weeks here? I'm a FTB so no previous experience in this. I'm thinking of leaving it till the end of the week and then phoning to see where we stand.

A_Sober_Paddy

Henrys Grimey Paws wrote: »

Hi,

Saw a house last weekend and placed a bid on it on Monday just above asking (there was a bid a little over asking price already on it). So far have heard nothing back from the EA on whether the bid is rejected or not, I presume he's attempting to flush out a higher bid from elsewhere but generally when should I expect to hear something back?

Are we talking days or weeks here? I'm a FTB so no previous experience in this. I'm thinking of leaving it till the end of the week and then phoning to see where we stand.

Just finished the process of buying a house. I made an offer on a Friday morning, got it accepted at 4.30 on the same day. But that's just my experience, the owner was desperate to sell, we offered 15,000(17%) under asking for ours

Parchment

Im not being smart - how long is a piece of string?

Many times i found we had to chase the EA to get an answer. we didnt care if it made us look more desperate as we always picked a price for each property and never bid over it.

goose banker

I was looking at a few properties recently - was out bid on all three of them. In two of the cases the estate agents got back to me the next day and their communication was very good. On the third house, I made an offer and heard absolutely nothing for exactly six weeks.

Samuel T. Cogley

Keep looking even when you're sale agreed. Don't be too keen on chasing them up, Friday is a good plan - see if you make it

Arrange another viewing with the same EA was my favorite way of rattling their cage.

Henrys Grimey Paws

Samuel T. Cogley wrote: »

Keep looking even when you're sale agreed. Don't be too keen on chasing them up, Friday is a good plan - see if you make it

Arrange another viewing with the same EA was my favorite way of rattling their cage.

Actually have a viewing with the same EA tonight in a different property, if I get him on his own with no other buyers in earshot I'll bring it up with him there otherwise I'll ring tomorrow

Henrys Grimey Paws

Update:

Got a response, bid rejected. Seller essentially wants more money but won't state how much they will accept. Given that we are already over asking price I'm refusing to place another bid until they gives us a number that they'll sell at & we can negotiate from there. We've decided to write this property off until we hear further information back from them and focus on other properties.

Henrys Grimey Paws

Update in case anyone is interested, seller eventually came back with a figure they'd be prepared to sell at last week. We bid slightly below that as we don't think the house is worth the price they quoted and we've heard nothing from them for a week now...to be honest we're now thinking of withdrawing from the bidding as we believe the EA/sellers are wasting our time with the week long gaps in responding to bids.

Samuel T. Cogley

Keep multiple irons in the fire right up until you have the keys for somewhere.

LirW

Henrys Grimey Paws wrote: »

Update in case anyone is interested, seller eventually came back with a figure they'd be prepared to sell at last week. We bid slightly below that as we don't think the house is worth the price they quoted and we've heard nothing from them for a week now...to be honest we're now thinking of withdrawing from the bidding as we believe the EA/sellers are wasting our time with the week long gaps in responding to bids.

I'd give them a deadline: Tell them the bid stands until the end of the week or whatever day suits you and if they don't respond then move on. No time for games in the current market.

Bandara

Put your bid in, tell the EA clearly that you want the property as your first priority but have interest in others also that you not prepared to lose. Advise that you need to hear back regarding you bid in 48 hours or you are withdrawing it.

If you don't hear back ring to advise that you are withdrawing your bid. If they try to get you to extend refuse, don't allow them to use your bid to drive up the price, it only serves the seller.

Be firm and walk away if you have too.

Deub

Or you could wait for them to come back. If they are asking more, put a new offer but below your last offer.