When should we expect a second offer?

[ImGoingForATwix]

We got a speculative, very low verbal first offer last week for our house. Our solicitor said the potential buyer and his solicitor would be in no way surprised if it was turned down, which we did the next day. The thing is we've heard nothing since. Is this just game playing? Do people usually give it a week or so before upping their offer to a more realistic level we can negotiate from? I'm aware he won't want to seem too keen but the offer was very cheeky and I would expect a 'tactical' delay/silence with communication coming later in the negotiation process.

We've only sold once before to a lovely woman 6 years ago who gave us her best and final offer which was very close to what we wanted - so not very experienced in all this.

[lubeybooby]

I don't think they are going to offer again, in my experience it's less than 24 hours, sometimes a few offers in a day if someone really wants it but is trying a cheeky offer first

[namechangedtoday15]

They probably saw numerous properties and made cheeky offers on some or all of them. They'll be waiting to hear back / negotiating with the others. I wouldn't get your hopes up. Even if they do come back from personal experience they'll be looking to chip away at the price throughout.

[JoJoSM2]

I'd also expect that they're bargain hunting so want to see who'll take a low offer.

[Redglitter]

I'd be surprised if he came back to you after this length of time. IF he was genuine I'd have expected to have heard later the same day or the next day

[KittyKK]

Is there an EA involved? I think the tactics will depend on the buyer’s circumstances and how long you’ve been on the market etc. He could have made the offer to test the response and either have other properties of interest to follow up on or he may be waiting to see how your sale process goes over the next few months (I.e. if you’re make any price reductions).

I haven’t made any formal offers yet. Although I’ve got my eye on a few houses, but I’m waiting to see what other properties come onto the market in spring, as well as waiting for the prices to adjust. In those cases, I’ve asked the EAs to keep me updated on any changes, interested parties etc.

What kind of percentage reduction did he make? Interested to know what is deemed as “cheeky”

[KitKat1985]

I'm really sorry but I don't think they're coming back with an upped offer if it's been a week.

[dieselKiller]

Did you make a counter-offer?

[ImGoingForATwix]

Offer was around 70% of it's value. Quite cheeky. Although can see why they'd try. They have nothing to lose. I just hoped he would up it.

We've only been on the market just over a month and had a good level of interest (although a lot of viewers are stuck until they sell their own properties) so not too worried, although would have been nice to get going. I hate all this uncertainty.

[ImGoingForATwix]

We didn't make a counter offer as such, just said it would have to be "closer to valuation" which would be typical in current market and based on recent house sales in the street.

And yes, he made offer through his solicitor and has noted interest so he'll be kept up to date with any other offers we get.

[GrowThroughWhatYouGoThrough]

As someone who is in the process of selling and buying another property I would say 1-3 days to increase offer

[dieselKiller]

Since you gave an indication that you were interested in hearing another offer and didn't say it had to be full price, I think you've done what you need to. They might come back in days, weeks, or not at all.

[PuntCuffin]

70% of it's value or 70% of asking price? Its value is only as much as what someone ultimately is willing to pay for it, which currently may not be as much as you think.

[ImGoingForATwix]

I'm in Scotland so we have the home report and the valuation is what it's worth with current market conditions and recent house sales taken into account. We had a particularly tough surveyor who had only that morning read that there had been a drop in Q4 prices last year, so it's actually valued a little on the lower side too. We're asking for 'offers over' just under what's its valued at although that doesn't really mean much as everyone just looks at the valuation up here. We're expecting it to go for about £10k - £15k under that as that seems to be the way of it at the moment. Unless there's a wee boom in the spring but unlikely with Brexit still hanging over us all.

[897654321abcvrufhfgg]

During our last house move we found my dream home and were encouraged to view. It was £50000 over budget but buyers were despera

[897654321abcvrufhfgg]

Desperate. Estate agent practically dragged us to view it even though it was way over budget. We loved it ( obviously!) but our only offer was rejected as way too low. We offered all we had and didn’t have a penny more. We had to walk away. Not all offers can be increased. 3 weeks later they changed their mind

[ImGoingForATwix]

Very true. He might have maxed out his budget.
I do now suspect that he was a bargain hunter though like others have suggested. There was something he said I'd forgotten about re seeing "a lot" of properties. He maybe just thinks he'll strike lucky eventually and someone will take a low offer. It's definitely a buyer's market right now, that's for sure!