Waiting on response to house offer

[firsttimemumtobe122]

We placed an offer on a house this morning at the full asking price, we were told there was another offer whilst we viewed at £10k below asking and when we made the offer told the viewers that went in before us were also making an offer.

We are in a really good position, sold and our buyer has no chain.

The estate agent is actually the owner of the house so I spoke with him directly when making the offer, he said he would get back to me shortly - it's been quite a few hours now and we have also viewed another house which we love (1st house is a sure favourite) and just want to know where we stand so we don't miss out on the other house as it also has lots of interest if we aren't accepted on the first one.

Should I call and ask if there is an update or will I seem overly keen/inpatient? How long do these things normally take? The waiting is a killer!!!

[ComtesseDeSpair]

There’s no “normal” in the sense that it will take as long as the owner wants, really. If House 1 is so popular that it’s having back to back viewings then there are likely even more booked and the agent / owner is likely to wait until all these viewings are completed to see if any higher offers come in. If you want to try to hurry the situation, give a deadline for accepting your offer and let him know you’ll be offering on House 2 after that.

[LooseMooseHoose]

Just offer on house 2 now.

I'd wait until tomorrow before you chase house 1, the owner will take it as you're keen and try to screw you for more money. I'd be super careful with the owner being an EA, he will know every trick in the book to make you increase your offer and show your hand. Making you wait longer than he said is possibly part of the game!

[LooseMooseHoose]

And if your offer on house 2 is accepted, then you can either stick with that, or go back to house one and say, "we've had an offer accepted on another house, but we prefer yours. We don't want to mess house 2 vendors around, so we need an answer in the next hour or our offer is withdrawn"

[viques]

Making an offer does not tie you in to any legal binding agreement. You can make an offer on as many houses as you want.

I would however be thinking very carefully about why you are finding both houses worthy of an offer, try to decide what it is you like about them both and work out what are the important features that make each house special. Then prioritise.

Once you get into serious negotiation you need to be in a position to negotiate properly , letting your emotion show at this stage is like giving the seller/EA a good look at your cards.

[ramblingsonthego]

The EA is probably using your offer to get higher offers from other viewers. They did this to us and we lost a house we liked. Then the other offer dropped out and they came back to us but we had found a better property by then. Karma!

[Cantbreathe2020]

@firsttimemumtobe122 Definitely offer on house 2.
Or have you had a response already??

[firsttimemumtobe122]

EA on house one came back and said there is another offer at the same price but we are in a much better position so is 98% going with us, he's just asked for proof of my house sale and funds etc..... happy days! Hasn't asked for a higher offer :)

[Cantbreathe2020]

Although I have to be honest, if the vendor is an EA, he will have priced it at what he knows he can get or pretty damn close. I highly doubt he will accept £10k below, especially if the house is getting so many viewings. He may even be hoping for a 'sealed bids' situation

[Cantbreathe2020]

Ah ok ignore my previous comment then!

Too early to say congrats?!

[firsttimemumtobe122]

So after telling me two of us had bid the same, he told me he was 98% going with me at that offer as we were in a better position than the others. So asked me for proof of my sale etc.

Yesterday he came back after I provided him with the proof we wanted and says as you’ve both bid the same I will do a final sealed bid which rattled me as the day before it was '98% with you' I was prepared to go a bit higher so I gave him my final offer which to be honest was more than it was worth on reflection. I told him 5pm was my cut off as there are other houses I don't want to miss out on. Calls me at 5:30pm to say the other party outbid us, but that he may come back to us as the higher bid has a tight timeframe and wants to move ASAP and he may not be able to move that fast.

His last sentence doesn’t make sense as yesterday we were in a better buying position! They are clearly in a very good one to be able to move super fast?!

I reckon he’d continued viewings yesterday and told them he’s had an offer of x amount and then had a higher one, he asked for my final bid at 12:30pm which was also when he 'asked the other party' for theirs so I highly doubt they took till after 5pm to give theirs, I knew my figure straightaway.

I'm actually quite relieved in a way as he just seems like a right dodgy estate agent, or just a wanker in general. And on reflection I don't think I would be prepared to pay my final offer for the house (6k over the asking) it really wasn't worth it! He knew how to play a good game. Hope karma comes to bite him.

[DespairingHomeowner]

Sorry to hear OP: I’ve been played the same way this week
Walk away, there’ll be another house and at least you haven’t lost money

[peach1234]

I think you've dodged a bullet tbh! Buying from an estate agent would make me very nervous! Who's to say he wouldn't still be offering viewings and taking offers throughout and screw you over to get more money! As PP said he'll know every trick in the book!!

[Dahokolomoki]

All about setting expectations - like a good relationship, if you don't communicate what you want, the other person doesn't know!

If you were looking for an answer within hours, you need to communicate that, with your offer.

Personally, my code of conduct is to give 48 hours for the seller to consider an offer. I think that's enough time for them to give a response - No, Yes, need more time to consider.

My personal code of conduct is to only have one active offer out at any time, but there's no law saying you can't have multiple offers out, so feel free to do that if you want.

Good luck though buying from an estate agent - you have a seasoned property professional on the other side of this business negotiation!

[mumsy27]

basically, using the offers to create a bidding war and outbid each other every time.
the buyer might not able to get a mortgage or realise they overpaid after valuation.

[pilates]

“I'm actually quite relieved in a way as he just seems like a right dodgy estate agent, or just a wanker in general. And on reflection I don't think I would be prepared to pay my final offer for the house (6k over the asking) it really wasn't worth it! He knew how to play a good game. Hope karma comes to bite him.”
^
This!

He doesn’t sound a good seller, you dodged a bullet. Good luck in finding a new and better property.