How quickly do people respond to offers?

[sandybayley]

We put an offer in on a house on Friday morning. It's quite a low offer - about 12% under asking price but DH has done a very careful valuation based on properties sold in the area over the last 2 years (including 3 others in the same cup de sac).

We don't have an offer on our house so aren't expecting the vendors to jump on our offer but we have just dropped our price by £50k and had 3 viewings yesterday with others lined up for next week. We went on the market 3 weeks ago but had misjudged our price so have dropped to a more realistic price.

I'm expecting it to be a 'no' with an indication of where they might settle if we were proceedable. Their property has been on since June. They are downsizing but I think they have misjudged the price of their house and have not realised the market has changed.

I'm guessing that we'll hear back tomorrow (Monday) as they'll have mulled things over during the weekend.

How long have others spent considering offers?

When we've seen houses on a Friday, the agent has always says they will ring us on Monday to see what we think.

That's when we've made an offer.

I suspect that if they had any viewings over the weekend, they will leave it a little while in case they get a second offer off one of those. Hopefully Monday still but I wouldn't hold my breath to hear first thing I'm afraid.

When we last bought a house, the answers seemed to come back very slowly. I even had to chase an answer a couple of times..

Turned out in our small village that the EA was the mother of the person we were buying from...sigh.

Thanks everyone. It's been on the market for a while so they should be interested in our offer even if it's not what they're hoping for.

I do know that if/when we get an offer on ours DH with prevaricate over it so someone else will be in exactly the same position. That said we do know what we have in mind and have discussed with our EA. I suppose the question is how to assess the seriousness of the buyer rather than just the amount offered.

Fingers crossed that tomorrow brings good news.