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Property/DIY

What does this mean? Offered on a house and playing the waiting game

34 replies

firsttimer08 · 20/07/2011 11:52

So I found my dream property and our initial offered of 5% below asking was rejected and we have now put in 3% below. We can probably improve our offer by a 5-6K but cannot afford to go up to the asking price (though I told the agent this is our final offer, we have a mortgage agreed and FTB, so no chain).

Apparently our offer is being deliberated upon (its been 24 hours) and when I ask have there been other offers, I am just told "there is other interest". What does this mean i.e. can I take it to mean there are other similar offers or is the vendor playing a waiting game to see how other viewings/interest pans out (i.e. so lots of interest but no other offers?) It doesn't help that the property is listed with another branch of the EA, so the agent I am speaking to has to pass on offers to the other branch and is not really communicating directly with the vendor - so the agent does not have full information it appears.

Would be great if some of you experienced buyers out there can decipher this communication with the agents ! lol. Also was it wrong to say this is our 'final' offer when we could potentially go up slightly, but not by a lot?

I am soo stressed, waiting for a response of yay or nay and thinking up of possible scenarios.

OP posts:

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goodnightmoon · 20/07/2011 11:58

it sounds to me like they have to decide if they want to see if something better comes along or not. if there was another, better offer they would have told you.
try to stay cool.

LIZS · 20/07/2011 12:02

They're probably waiting for the outcome of other viewings or had another offer/s lower but asked if they would go higher.

Sidge · 20/07/2011 12:05

The vendors may have other offers, or may be doing some financial reviewing themselves to see if they are in a position to accept your offer.

Why aren't you phoning the agent at the branch they are selling through? If you were, you may then know that the agent is liaising directly with the vendors and cut out the middle man ie the agent at another branch that you are talking to.

firsttimer08 · 20/07/2011 12:11

Well I could do that - but I was not sure of the protocol as it was the agent at the 'different' branch who showed us the property and who has been showing us other properties. When I saw this one on the EA website I just called her up and didn't realise that it was listed with another branch (it seems they are v. fluid in London about this). She passed on the offer and only yesterday she said sthg to the effect that it is going through the other branch. Is it appropriate to cut her out now and call up the other branch direct?

The property is tenanted at the moment, so no chain involved at the vendor's end either - so makes sense what the posters are suggesting that they are probably waiting for the result of other viewings.

ok will keep you posted. I don't want to sound desparate, but we have been looking for some time and pulled out before exchange due to subsidence and previous insurance claims - so really hoping now that we can have an offer accepted !

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Sidge · 20/07/2011 14:11

I don't see why you can't call the other agent directly; just saves a bit of faffing about.

Good luck - ours is on the market and I'm keeping my fingers crossed for a serious offer soon! (Have had 2 so far but neither have got a buyer for their own properties).

firsttimer08 · 20/07/2011 19:07

yes i will do that tomorrow now. It may be the case that the our agent will not get the commission in any case as the property is listed with the other branch and hence is not passing on the information or being forthright.

I am thinking of increasing the offer too, to our maximum, but so far there is no response from the vendor. Would it be too pre-emptive to raise the offer before we have had a formal rejection from the vendor?

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NoseyNooNoo · 20/07/2011 19:10

I would call the other branch and just say you want the position clarified and would like to communicate with them direct henceforth. They will not have problem with that. Don't up the offer until your current offer has been declined.

mylovelymonster · 20/07/2011 19:37

Doesn't sound as though there have been other offers. Don't bid against yourself! Wait. Be cool. Let them deliberate if they want. Put your offer, position, and time-frame in writing to the agent and the vendor - shows comittment and is business-like. Stick to your final offer, and if you can afford a bit more think of the decorating/furnishing you could do with it.

SybilBeddows · 20/07/2011 20:05

If there was another offer I am absolutely certain they would have said so.

Karbea · 20/07/2011 21:49

We had this with the house we are buying, they had a family vote, but had to wait to hear from all their adult children (who no longer live there)...

oliviasmama · 20/07/2011 22:37

so in real terms to you and I, the estate agent is saying there are no other offers on the table, they are biding their time to see if any materialise whilst sitting tight on your offer, when at which time if and when another is received they will do their level best to get both parties bidding against each other....they're playing the waiting game.

I would ask for the name of the negotiator dealing with the property and speak to them directly, adding more people to the equation is just complicating the matter and diluting the strength of any of your negotiations. It's also a good idea to try and build a decent relationship with the negotiator, it does sometimes help.

good luck...and as someone has lready said, absolutely do not up your bid ubtil your current bid has been rejected. Do not bid against yourself, that is crazy.

oliviasmama · 20/07/2011 22:38

until

LittleMissNorty · 20/07/2011 22:44

Oh don't put up your bid until you hear. They are probably making you sweat a bit. You are in the stronger position here so just sit tight.

We've just moved and when we received an offer we "agreed in principle" but left the property on the market until we could ascertain that we could get what we wanted within our price range taking the offer into account. As prices are all relative, we found we could so formally accepted the offer.

Good luck

firsttimer08 · 21/07/2011 09:54

thanks ! I feel a little less stressed and am not checking my emails or phone every few minutes for a response anymore. I tried ringing the branch manager (i know who is the negotiator - as our agent mentioned his name), but he is out already. So will leave it now till the afternoon to call him when it would've been over 48 hours since our offer. I will ask them for some clarity and may even put a deadline for COB Friday.

lol, i didn't think of increasing my offer as bidding against myself, but you are so right. I was hoping that it may help the vendor come to a quicker decision but that's probably not really true. He may still bide for more time until another offer comes through.

sidge - all the best with your sale, hope you get a (viable) offer soon !

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firsttimer08 · 21/07/2011 16:34

As an update - I called up the other branch. The person there was as mysterious as the agent I have been talking to so far. Basically said he has not heard back from the vendor and will call me back. But haven't heard back all afternoon.......sigh.

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mylovelymonster · 21/07/2011 18:41

Hang in there. Let them get back to you. Might be 'tactics' or maybe vendor genuinely taking their time and working out affordability of accepting your offer.

Did you ask for feedback by COB Friday? Are the owners on holiday? Vagueness of agent really not very professional.

oliviasmama · 21/07/2011 21:28

I agree MLM, not very professional at all.
fingers are crossed for you first t 08, toes too

firsttimer08 · 22/07/2011 08:58

The negotiator (at the 'right' branch) called me last evening to say that the vendor needs to discuss with her husband tonight, so we should have a response sometime today ! thanks - so fingers crossed here too - lets see what happens.

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mylovelymonster · 22/07/2011 12:27

Sounds as though you may be close - they are likely to come back with a counter-offer, so don't react immediately but rquest 24-48hrs consideration time. Come back and let us know!!
How sorted are you to proceed? Deposit? Mortgage agreement? Solicitor/conveyencer contacted and ready to go?

firsttimer08 · 22/07/2011 12:54

I hope so that they are close to either accepting or at least counter-offering (rather than rejecting). I have not heard anything so far - I will wait till late afternoon today and then call the agent again. I don't really want to pester them too much, as it may be annoying (i.e. they will call me eventually when they have news), but at the same time I want to stay in the loop, if there are any other developments (such as an offer etc.)

We are sorted to proceed - we had an offer accepted in March for which all the groundwork had been done. Unfortunately, we pulled out of the transaction as there were multiple occurences of subsidence and multiple insurance claims and we were not v. comfortable taking on the risk. So this time everything is done, lawyer is sorted and mortgage offer is agreed - all that would need to be done is the mortgage valuation, survey and checks.

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firsttimer08 · 22/07/2011 13:44

bad news...offer got rejected. vendors wants asking price. don't know why they stalled us for so long if they wanted asking price to begin with. a bit disappointed, but ready to move on ! thanks for all your help !!

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tiredemma · 22/07/2011 13:47

let thejm wait for the asking price!! NOBODY offers asking price. The morons

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mylovelymonster · 22/07/2011 16:28

Don't lose heart. Be polite in accepting that your offer has been refused. Make sure the agent keeps hold of your contact details, and you never know - they may come back to you. (Your offer is taken off the table however due to it's having been refused, but you retain an interest etc etc.)

In the meantime there will be another house out there.
Best of luck.

mylovelymonster · 22/07/2011 16:32

If the house hasn't gone under offer in another few weeks you could try again, if you're still interested. Don't increase your offer though! 3% away from the asking price is very respectable. You sound as though you're in a great position too. Confidence!!

mylovelymonster · 22/07/2011 16:33

...if the market is still looking poor you may even reduce your offer ................

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