Should I make another offer?!

[ellleeb]

We made an offer on our dream house last Tuesday starting 25k below (on for 350k). This house was listed a year ago, sale fell through due to the buyers chain failing and back on the market at the same price this year. Our initial offer was rejected by the Wednesday morning so 24 hrs, they wanted closer to asking.

We put another offer in (10k more) and haven't heard anything since. The estate agent said it's two executors who need to make a decision and one hasn't responded.

How long should we wait, is coming up 6 days normal? 😫 tempted to just make an offer at asking as it's our dream home but don't know where to go from here.

Any advice appreciated!

No I wouldn't make another offer if you are still waiting to hear back.

If the offer is rejected, then you could think about offering 10k more and saying that is your best and final offer.

If you make another higher offer now you are bidding against yourself.
Don't do that. When there's multiple beneficeries on a sale, it can result in more disagreements and negotiation between themselves as all vendors need to agree whether to accept or not. And often they don't get along in the first place!
I'd wait and wait. It'll happen. They want to sell. They have to.

Totally agree with other posters. In this market it’s highly unlikely anyone’s holding out for asking unless they’ve got competing bidders, and yes, you’ll be bidding against yourself!

Very frustrating though OP; I do hope you hear back soon.

Thanks all - they responded this morning to reject but won't give the EA and indication of what they would accept! A process I'll be glad when it's finished for sure 🥴

Well it doesn't sound like the vendor or EA are being very helpful!
If it's been up for sale that long, and in the current market, it sounds like a perfectly reasonable offer. I wouldn't rush to up it, I would say to the EA that you'll leave your offer on the table for them to think about and that you are open to discussions.

We bought from executors many years ago, it was really difficult as one of them had completely unrealistic ideas on price and no willingness to negotiate,
Eventually we pulled out as it was dragging on and on and within 24 hours, the deal was back on. That wasn't our intention in pulling out, we really couldn't afford to go up to what they wanted and complete the essential repairs thrown up by the survey but I think with some people you just have to force their hand.
It doesn't sound as though they have other offers on the table so hold firm and leave the agent to do their job

I would hold out and play the waiting game. Anyone with a buyer in this market would be crazy not to move some ground

If its your dream home why nor pay the asking price? I lost money moving to my house but its been worth the loss as I've had decades of living somewhere I'm happy.

Sit down and work out what it is worth to you to have it (not what you think the market value is, which may be quite different). Offer that, and explain you want the house very much but this is your maximum offer. If they reject that offer, leave it on the table but make it clear you're looking elsewhere, and as they have rejected it, it may be withdrawn at short notice if you find anything. (And do look, you never know, something else may be even better.) Then you've done the best you can, been sensible about price, you've been honest and played fair by everyone, and if you don't get it, it is not your fault and you can't blame yourself for losing it.
This is far simpler than the fun and games other people recommend, I know, like offering some random % less than asking regardless of how realistic the price is, and all that stuff, but those silly games can lose you a house, and you say this is your dream home. The way I suggest will only lose you it if you'd never get it anyway.
I would also say, though, that if it is a probate sale, you need to know exactly what the situation on probate is. Do they have it yet?

Thanks everyone!

We went back and offered asking yesterday lunchtime - ticks all the boxes and we love it so don't want to miss out.

No news yet - have said best and final offer 🥴

Surely they will accept an asking price offer. Bit daft if not.

Thanks for the update @ellleeb please let us know when you hear back.

Just as an FYI, a game-playing move an estate agent near us does is as follows:

Sell house, wait for chain to progress to exchange of contracts. If for any reason that's slow, put house back on market. This is done without pulling out of previous sale, just as a threatening move to make everyone worry you will pull out if they don't hurry up.

House back on market, accept viewings but slow at every point. Slow to offer viewing, wait until available for viewing. If an offer comes, (apparently) slow to hear back from vendor, slow while vendor considers. Ultimately it will be a reject, because they have a complete chain close to completion. So very unlikely to pull out at this stage, unless it's very financially worth it.

In short - no intention if re-selling the house back on thr market.

We got caught on both sides of of this. From the same estate agent. We offered well above on a house we missed first time round, when it came back onto market. For the original chain to reform and complete 2 weeks after our offer was rejected.

Then we bought from a house sold by same EA. Near end of chain, guess what? They put the house we bought 4 months ago back on the market because they felt the chain below us was being you slow. I got a friend to view as potential new buyer - they told her the buyers pulled out! I was the buyer, that was a total lie.

Anyway, cautionary tail. We got the house in the end. I will never use that EA again.

Thankfully our offer was accepted! 🥳

Delighted for you.

Yay! Congratulations 🙌

Fantastic! Keep us informed, and the best of luck.