Put in a offer how long for response?

[ElleyBear13]

Hello all,

Hubby and I are in the middle of buying our first home (hopefully) we went to see a property on saturday really lovely house brand new kitchen, and its basically ready to move in. We were shown the house by the couple, and we ended up staying an extra 15 minutes after the house viewing chatting to them, they gave us their telephone number incase we wanted to view again. It's been on the market since august, they've had no viewings so far.

It's on the market for 99,00, the area its in is okay not the greatest of areas and the street is a mix of private and council; houses in similar condition going for 90-95. We put in a starting offer of 90 this morning and it was rejected (half an hour later) the agent told me they were looking as close to the asking price as possible. I upped the offer to 95,500 at 9.30 this morning, when do you think I'd hear a response back? Or is the silence a good sign? I've got work tomorrow and don't want to miss the call off the agent. Feeling a little anxious and nervous!

Not necessarily today would be my answer.

The feedback on your first offer suggests you need to be offering more like £97k to close the deal quickly.

But, going up by £5.5k is a big jump and suggests you can afford more - obviously I don't know what you said when you upped your offer to that figure. Given that other houses are going for £90-95k I'd have said £94k on that basis, with some room to manoeuvre up to £95k as a best and final offer, unless it really stands out or is worth more to you.

What did the seller pay for the house and when did they buy it? Have they rejected past offers or just not had any? Is it new to the market or has it been on for a while? Why is being marketed at £99k when the ceiling locally is £95k. Sorry - lots of questions there.

Late last year we sold a house which sounds to have been in a similar area, except street is all private houses with some rented out. In good condition but bathroom and kitchen needed a bit of undating - needn't cost thousands though - and we got £94k for it after marketing for offers over £90k. The house next door but one went on the market at £95k a week before ours and is still for sale. Online, it looked the better buy so I can only imagine no one has offered what they really want for it or there's something else about it putting people off.

If the ends is happy with your offer their estate agent will need to make some checks before they officially accept. They'll check you have money in place and what stage your current property sale / rental agreement is at. This can take a few days.

Ends!? vendor

Thank you everyone we offered 95 and its just been rejected so we've offered 98.

The seller bought the house in the 1950s, I have no idea how much for (but im guessing it was for a lot less than now). They've not had any other offers on the house, its been on market since last august. I think its marketed at 99 as it has a conservatory on the side alongside a new patio/lawn.

We don't rent or have a property to sell (live with inlaws), we have a provisional acceptance letter for a mortgage from the bank alongside a copy of our savings (wasn't sure if this was necessary!)

Thank you for all your help the waiting game can be tricky and stressful!

With no other offers since last August I think you would be mad to go so close to the asking price. They should be biting your hand off at that offer.

think I would have gone to £97 and no higher, so if they turn down 98 (they shouldn't) walk away and let them sweat.

Do not go higher than the 98. Time to let them think you will walk away. It is not as if they have lots of offers coming in.

Where can you by a house for under 100k out of interest?!

Difficult to say but be patient and only pay as much as you are happy with. Sometimes a delay is used to prompt a higher offer!

I asked my old dad for advice (he's moved four times) he said they should be snapping our hands off as we have no chain, mortgage (provisionally) accepted and flexible on moving dates. We won't be offering any higher than 98 really did think they'd take 95 with our situation.

And loofah we're in the NE its relatively cheap in the north as (well in our town) works harder to find, 3 bed semis with garage,conservatory, garden etc usually go for 100-150 depending on area and then you're looking at 150+ for detached houses.

thank you everyone we've decided to stick to our guns and not offer any higher as this will be pushing the boat on mortgage repayments anyways (bank will has offered us upto 105) and we have a little one on the way too. Fingers crossed will let you know how it goes x

Ah - if they've owned it a long time that explains why there's no info on what they paid.

The extra space does have a value.

As you've already said you won't go higher, don't! If they come back wanting more, don't answer straight away; make them sweat. Even if you go back and say £98k is our max, we don't believe it is worth any more, making them wait for the answer can help. If you just say no, we can't/won't go to that immediately they are more likely to think you are trying it on in some way (even if they are deluded as to the value).

If you have to go back and say £98k is your max, tell the EA it's your best and final offer. If they reject that, say that it's a shame but your offer is on the table until you find something else. Leaves the door open if they regret turning you down.

The fact it has a kitchen you like and a conservatory does add value. If they bought it in the 1950's they would have paid peanuts but they will still need money for whatever they do next, nursing home, retirement home, down sizing etc. fingers crossed for you.

Hello, the offer of 98 has been accepted! Now just solicitors to sort and hopefully everything will go swimmingly! thank you all x

Excellent!!!

Good news OP - hope all goes well.