How long did it take for vendor to accept or decline your offer?

prayforthecottransfer · 2023-06-01T12:21:01+00:00

How long is a piece of string kind of question! Put an offer in this morning and feeling very nervous / excited! How long did it take *you* to respond either way to an offer? We completed negotiations on our house within 4 hours, including a counter offer.

Onegingerhead · 01/06/2023 13:27

Not sure if I understood your question properly, but when I was selling my starter home and the EA called with an offer from a prospective buyer, I was able to give the answer straight away. My future DH and I needed the house to go for a X, so we could afford a move. When X wasn't being offered it was a no straight away. If the house didn't sell we would have stayed in the starter home and had the DC there.

Original poster

prayforthecottransfer · 01/06/2023 13:34

@Onegingerhead realised I have asked two contrasting questions! Thanks.

OP posts:

Twiglets1 · 01/06/2023 13:37

If I received an offer I would need to discuss it with my partner after work. So I would give the estate agent our response the next morning.
Maybe quicker if it’s an obvious Yes or No.

Chooba · 01/06/2023 13:41

We offered at about 9:30am, the estate agent came back at 5pm on the dot on a Friday to accept before the weekend - we knew the vendor was working that day, and also had to discuss with family.

When we sold we had one offer (that we accepted) for almost a week, because we wanted everyone already booked in for a viewing the chance to see it and some couldn't come until the weekend. But we did tell everyone that, and we wouldn't make a decision until then, so people knew they'd be waiting.

YaWeeFurryBastard · 01/06/2023 13:41

Twiglets1 · 01/06/2023 13:37

If I received an offer I would need to discuss it with my partner after work. So I would give the estate agent our response the next morning.
Maybe quicker if it’s an obvious Yes or No.

Surely you discuss beforehand what you’re willing to accept based on buyers circumstances? Or at the very least ensure each other is available within an hour or so to sign it off.

OP, i always went back straight away with a yes/no/counter offer and have had the same from the people we bought off, it would annoy me immensely if vendors were taking more than half a day to make a decision and I’d think they were messing me about.

CatsOnTheChair · 01/06/2023 13:41

Offer 1: laughed at and rejected immediately.

Offer 2: spoke to DH. Responded after about an hour.

Offer 3 was asking price and accepted.

She pulled out a month later.

Offer 4: talked to DH, rejected there and then

Offer 5: spoke to DH, rejected following morning

Offer 6 (asking price) accepted immediatly on the phone without talking to DH.

When we offered, took a couple of hours to get a call saying it was accepted.

Peacepudding · 01/06/2023 13:45

About 5 hours. We made an over asking offer at lunchtime and the agent rang at teatime to say it had been accepted.

Totally different experience to everything we'd offered on prior to that which all went to best and finals and was up to a week.

Good luck!

Twiglets1 · 01/06/2023 13:49

YaWeeFurryBastard · 01/06/2023 13:41

Surely you discuss beforehand what you’re willing to accept based on buyers circumstances? Or at the very least ensure each other is available within an hour or so to sign it off.

OP, i always went back straight away with a yes/no/counter offer and have had the same from the people we bought off, it would annoy me immensely if vendors were taking more than half a day to make a decision and I’d think they were messing me about.

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Not necessarily. It’s so hard to know how close you will get to the asking price when you first put it up for sale. Especially with more expensive or not standard houses. The range of offers can be huge. Or you might end up having to take a big drop on price because the agent overvalued it.

The EA will get a response within 24 hours, no need to reply within 1 hour! I have found that perfectly normal with the houses I have bought & sold over the years and some vendors will take far longer than a day to get back to people.

SallyWD · 01/06/2023 13:52

One week. They were choosing between 2 offers.

YaWeeFurryBastard · 01/06/2023 13:55

Twiglets1 · 01/06/2023 13:49

Not necessarily. It’s so hard to know how close you will get to the asking price when you first put it up for sale. Especially with more expensive or not standard houses. The range of offers can be huge. Or you might end up having to take a big drop on price because the agent overvalued it.

The EA will get a response within 24 hours, no need to reply within 1 hour! I have found that perfectly normal with the houses I have bought & sold over the years and some vendors will take far longer than a day to get back to people.

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But surely you’re in ongoing discussions with your partner about how the sale is going, whether you’ll need to drop the price etc. or do some couples just not speak to each other? I just can’t understand what would take so long. I’d personally be put off by a vendor taking so long to respond as tends to suggest they’re not motivated.

Twiglets1 · 01/06/2023 14:05

YaWeeFurryBastard · 01/06/2023 13:55

But surely you’re in ongoing discussions with your partner about how the sale is going, whether you’ll need to drop the price etc. or do some couples just not speak to each other? I just can’t understand what would take so long. I’d personally be put off by a vendor taking so long to respond as tends to suggest they’re not motivated.

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How is talking about the offer in the evening after work an indication that we don’t talk to one another?
I did say if it was obviously Yes or No I could possibly respond sooner. But we’ve sold property at over £1million ponds so I’m going to discuss it with my partner if an offer comes in at 50k under asking price but it’s the only offer we’ve received for example, aren’t I? Even on a cheaper property I hardly think it’s unreasonable to have a good discussion about any offers that come in rather than one person deciding to accept or reject it with no consultation.

If I got an asking price offer I would accept it straightaway. If I got an insulting offer I would reject it straight away. But most offers fall somewhere between the two and it’s a joint asset so a joint decision.

Original poster

prayforthecottransfer · 01/06/2023 14:08

Quite an interesting range! Offer is 3% under asking.

We actually had another offer on our house before it sold that I'd forgotten about. It was well under the value and we rejected within half an hour.

OP posts:

Twiglets1 · 01/06/2023 14:21

prayforthecottransfer · 01/06/2023 14:08

Quite an interesting range! Offer is 3% under asking.

We actually had another offer on our house before it sold that I'd forgotten about. It was well under the value and we rejected within half an hour.

I would definitely be inclined to accept a 3% under asking offer in the present climate, as long as you are in a position to proceed?
Hope you hear back today or tomorrow.

Original poster

prayforthecottransfer · 01/06/2023 14:46

Thanks @Twiglets1 . I'm sure we will hear back tomorrow at least. It's the trying to stay off my phone situation so that I'm not thinking about phone calls every five minutes that's proving difficult!

We are in a position to proceed, yes.

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RidingMyBike · 01/06/2023 15:34

About a day - we said we'd think about it overnight and respond the next day.

The offer was the minimum amount we'd asked for of 'offers over' and we wanted to discuss whether it was worth waiting to see if more offers were forthcoming, accept it or see if they could go higher. All of those decisions are also dependent on the potential buyer's position so you can't really make them in advance.

The reality was that, yes, we talk to each other, but if one or both of you are working outside the house or in and out of work calls all day you might not overlap during working hours to discuss. Add in children and we waited until after bedtime in order to have some quiet space for it!

GasPanic · 01/06/2023 16:57

If you are offering asking price I would say one day tops.

If you are offering under it could take longer. Firstly because the sellers might need to discuss between themselves. If it is a probate sale with a lot of beneficiaries it could take some time for them to all agree if they are not well organised.

If you are offering under into a chain it might necessitate the vendors lowering their offer to the onward purchasers. So that might take some extra time.

If you offer under the agent might go back to the sellers and try to convince them to accept your offer if they think it is reasonable given the market/interest and this might also take longer.

So in short, how long is a piece of string as you said.

Conkerqueen · 01/06/2023 16:58

Declined within 10 mins but countered what they would take and we accepted 10
mins after that!

Isseywith3witchycats · 01/06/2023 18:36

about ten minutes time it took the estate agent to ring the vendor, but ours was slightly unusual as it was an estate sale, and one sale had already fallen through, we were cash buyers and offered full asking price with the caveat that it came straight off the market and gave a date specific when we would have the money in our bank, one hour later offer accepted paperwork taken to estate agent for proof of funds and house off the market, 4 years later love this house,

the house we looked at before this one vendor messed us around for nearly two months trying to find something for her to buy , we initially offered low but did go up in increments , three months after we pulled out of offering the estate agent rang and asked if we were still interested but by then about to exchange on this one, that house went under offer twice and six months later still hadnt sold

Original poster

prayforthecottransfer · 01/06/2023 19:40

Update: vendor rejected offer, no counter offer.

EA alleged that there's a second viewing taking place on Saturday. We scheduled another for Saturday but they've left a 45 minute gap in between our viewing and theirs. We're going to lurk nearby to see if one is really taking place or they're trying to create more of a buzz!

OP posts:

Twiglets1 · 01/06/2023 19:49

prayforthecottransfer · 01/06/2023 19:40

Update: vendor rejected offer, no counter offer.

EA alleged that there's a second viewing taking place on Saturday. We scheduled another for Saturday but they've left a 45 minute gap in between our viewing and theirs. We're going to lurk nearby to see if one is really taking place or they're trying to create more of a buzz!

Haha 🕵️‍♀️

Original poster

prayforthecottransfer · 01/06/2023 19:54

Assuming they'll disappear soon after it it's fictional! Last thing we want is to end up in a bidding war with ourselves

OP posts:

Twiglets1 · 01/06/2023 20:06

prayforthecottransfer · 01/06/2023 19:54

Assuming they'll disappear soon after it it's fictional! Last thing we want is to end up in a bidding war with ourselves

True… ooh, let us know what happens

DibbleDooDah · 01/06/2023 20:13

Three weeks!!!!!!

We were the first people to see it before it was marketed online and even before the photos had been done. It was perfect and in a village where houses just don’t come on the market - dream location.

We offered 10% over asking price and we were cash buyers (had sold our previous property and were in rented, plus some inheritance). The aim was to get it off the market.

Kind of backfired as the vendor decided to go to best and final offers. In the end we were still the highest bidder (we didn’t increase our offer) and got it but it was VERY stressful. Kind of unique house and location though so I do understand.

2021mumma · 01/06/2023 20:19

I had to wait two weeks to get my offer accepted- the house I was after was in probate and had 4 relatives to get a yes from. Longest two weeks of my life!

Cattenberg · 01/06/2023 20:23

I offered full asking price on a Friday. The sellers said they’d need to discuss it and accepted it the following Monday. I was surprised that a) they hadn’t discussed this beforehand and b) they didn’t know if they were prepared to accept their own asking price!