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Original poster

How long to hear back from vendor

18 replies

TeaChocKitKat · 11/07/2022 22:06

We are chain free and made an offer on a house thats been on the market for almost a year. Its something of a niche house for the area and we think its overpriced.

We didnt really know what to offer. We didnt want to go so low that we werent taken seriously but wanted to leave a little wriggle room. We offered between 10% and 15% of the asking price. Not heard a peep from the vendor. Is that a good or a bad sign? How long is normal to wait?

OP posts:
Kite22 · 11/07/2022 23:15

As a rule, I would expect to hear within a day or two.
If it is empty / part of an estate / being sold as part of a divorce, etc., then potentially longer, as two or more parties may need to discuss it between them.

How long has it been ?
What does the EA say ?

Original poster
TeaChocKitKat · 12/07/2022 07:27

It was friday. I thought they'd mull it over over the weekend and then respond but nothing yet. They didn't return the EAs call yesterday so he isnt able to give me any idea of what they are thinking.

OP posts:
Nerdippy · 12/07/2022 08:40

I think the vendors found your offer to be lower than they were expecting, but not too low that it's a straight no. They are probably mulling it over before deciding whether to accept your offer or come back and say no, but would consider xx amount.

Equalityumber · 12/07/2022 09:11

They’ve had the weekend to consider it so I think it’s time for you to put the pressure on. Call the agent and say you need a response by the end of the day or you’re withdrawing your offer.

easyday · 12/07/2022 10:00

If they don't like it they should have countered. If the agent actually spoke to them (not just left a message) then I'd expect an answer by now. If not I'd wonder if they were still going to sell.

kumquattish · 12/07/2022 10:06

This happened to us. We were buying from an older person who was selling the family home. There were various interested parties who all wanted to wade in on the price, we were led to understand by the EA. The EA indicated a discounted guide price during the viewing, which we offered. After a few days, the seller eventually got back to the EA and said no. Not even a counter-offer, just no try again. This went on and on, and was the most stressful process. But hey! We bought it eventually! Hang in there, some sellers just operate at a slower pace.

Sitdowncupoftea · 12/07/2022 10:42

I have found the ones who have taken the longest are often time wasters.

Stephisaur · 12/07/2022 10:44

We recieved an offer of £20k under asking on Wednesday last week, said no.

Buyer upped it by £10k on Thursday (so still £10k under asking) and we didn't respond until Monday morning. We accepted as this was the minimum price we needed for the house and we didn't have any other offers forthcoming.

I imagine they are probably trying to run the numbers their end and work out how your offer affects their onward purchase situation. Hopefully they respond soon.

Original poster
TeaChocKitKat · 12/07/2022 12:33

They have responded. They have given a figure 3% under the asking price and said they wont accept any less. I was hoping we might be able to meet mid way but not feeling hopeful now. Debating if we should make a counter offer or not.

OP posts:
Harridan1981 · 12/07/2022 12:39

3% under asking doesn't sound unreasonable

Original poster
TeaChocKitKat · 12/07/2022 13:57

Harridan1981 · 12/07/2022 12:39

3% under asking doesn't sound unreasonable

Ordinarily I'd agree with you but ours is the first offer they have had in 10 months!

OP posts:
TwoBlueFish · 12/07/2022 14:10

I would counter somewhere in the middle, stress how good a buyer you are and then leave it for a few days. If they won’t budge at all then give them a deadline and say you will be withdrawing your offer on that date.

if they aren’t in any particular rush to sell then they may be content to just sit and wait for the perfect offer.

Kite22 · 12/07/2022 18:34

Glad you have heard back.

If they've not had any other offers in 10 months then it sounds perfectly reasonable for you to put in an offer of 10% under.

Equally, it might only be worth them selling if they can get what they need to move on to the next property thy want.

I guess it is now down to how much you like / want it.
Obviously you ask the EA to point out to them that the asking price is always just a guide and remind them they haven't had any offers, and big up that therefore it might be worth negotiating with you, but how much either of you are willing to compromise depends on how much you really want that particular house and how much they want to sell.

Good luck.

Original poster
TeaChocKitKat · 16/07/2022 10:46

Thought I'd update you all - after a bit of negotiating we agreed a price yesterday!

OP posts:
kumquattish · 16/07/2022 10:58

Congratulations OP!

Pemba · 16/07/2022 11:52

Well what % off the asking price was it please?

Roselilly36 · 16/07/2022 11:56

Many congrats, good luck for your move.

Original poster
TeaChocKitKat · 16/07/2022 21:50

Pemba - About 7% less than the original asking price in the end. DP is still worried we are overpaying given how long it was on the market for.

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