How long between property going on the market and the closing date?

[BlueStripyJammies]

Went on Rightmove on Monday 9th, DH and I made an offer on Weds 11th July and still haven't heard anything.

Spoke to the estate agents on Friday, no other offers, one note of interest.

Closing date usually just applies when they are looking for sealed bids. Presumably in your case the vendors want a higher offer? Has your lawyer pushed for a response to your offer? They should either be attempting to negotiate your offer or rejecting it and looking for more notes of interest/setting a closing date for sealed bids.

TBH we were expecting it to be rejected outright. Can't quite understand why there hasn't been more interest (lovely 80s bathroom suite aside).

So what is your lawyer actually doing or saying?

To me your options here are:

A:to push for a response to your offer, finding out what they are actually looking for and seeing whether there is a negotiation to be done.

B:Tell them they have until "x" to respond to your offer or it will be withdrawn.

C: Just sit it out

The latter means that you aren't really free to put in any other offers.

I think it's worth trying A (and your lawyer should have already have been doing that) but I'm a thrawn cow and I'd have gone to B by now... :o

Your lawyer should be doing a better job imo

although if your offer is a bit of a cheeky one then B probably isn't going to result in anything and they may be just pissed off at you hence no response. In that case, an olive branch of a request for what they'd be looking for may help but will weaken your negotiating position.

Hmmm. Lawyer did come well recommended but seemed to be going for a sit-it-out approach.

There's space for negotiation but feel the offer is fair, especially in light of 80s bathroom and no other offers.

Closing dates are set when more than one offer has been received.

Did you give a verbal offer to the Estate agent first or just submit a written offer? Either way I'd chase up my offer to see if it's been accepted or will be. It's gone on too long to not even know if it's going anywhere

Is it obvious we're FTB?

Right. Phone call to solicitor first thing tomorrow, or go with EA?

If offer is a reasonable one then I'd definitely be asking the lawyer to progress it in terms of either pursuing for an answer/asking what they are looking for or giving a short deadline for withdrawal. You can just sit and wait a month, there could be other properties and that's what i'd be emphasising if it was me. Just say something like "we are very interested in seeing if there is a deal to be done in relation to the offer we've made but we have seen other properties so if they aren't interested in selling at this point then we are happy to pursue a purchase elsewhere".

Whether you go via the lawyer or their EA would depend on how confident you are to sort it out yourself/do your own negotiation and then just instruct your lawyer when you've agreed. I'd do that in a heartbeat but I like to play hardball with EAs. They really do my head in so I quite enjoy the game.. :o

I am in general a very quiet person until it comes to buying houses btw.

Thank you for the advice. I'm hopeful that I never need to do this again, because it's hellish

Good luck with it. I've moved loads, not for a few years now though so not sure what the markets are like, DC getting older so looking to downsize in a few years.

Post an update to say how you get on. :)

Sounds like they are holding off for more offers? We’ve just sold in Glasgow- our EA advised us to wait over two weeks, so we could have several offers and then go to close. We got a really good offer in first viewing, EA politely declined on our behalf and actually told us they’d done that-didn’t check with us first . So chase via the EA or solicitors representing the vendor- you can call direct, doesn’t have to be your solicitor. It’s definitely a bit odd to have not heard anything. Good luck!

apple that's shocking re EA. Another reason why I like to feck with them a bit. One told me once (after a sale of my own property had fallen through (while they were still showing properties to a vendor who'd had his offer on my property accepted!) to drop the price. This was in a rising market. We told him to not talk such rubbish and he had to be taken off our sale. We put the price up 10k and got another offer the next day. If we'd taken his advise we would have been at least 20k down and possibly more. Dropping the price makes you look desperate and makes for weak negotiation.

Anyhoo, I digress...:o

Tomorrow either get your solicitor to chase up the EA to find out what's going on, or call the EA yourself. (I'd prefer to call the EA direct as you'll know quicker) You can't call the sellers solicitor directly, they won't discuss anything with you.
I work in conveyancing, it's almost 3 weeks since you submitted your offer. I'd expect your solicitor to be a bit more pro active and have chased them up already.

EA should only fix a closing if there are 2 genuine parties looking to offer
If you have put in an offer your solicitor needs to speak to EA and ask if Offer is acceptable
3 possible responses
1 .Yes acceptable _Happy days
2.No and we have 40 viewers next week so will be going to closing _withdraw offer and ask to be advised of any closing date

1. Offer not accepted

-is there a figure for which they would take it out off the market

Uff what a morning. The vendor rejected our offer and is apparently looking for 40k over the OO, which is nonsensical. Arsewipe.

Thank you all for the advice though- it was a welcome change to feel like I knew what I was doing!

Aww sorry to hear that BlueStripy at least you are no longer sitting waiting. However, just because that's what they'd like, it doesn't mean that's what they will get, especially with what seems like a an apparent lack of interest by anyone else. I'd start looking elsewhere but you may very well get another call in a week or two with a reduced amount that they want. I'd hold fire on that one too unless this is the house of your dreams. If they come down to something in your ball park and you are still interested then there might be a negotiation to be done.

What was Home report value in relation to asking price
People generally look at HR value before pitching their offer

Yes, it is better knowing than staring at my phone waiting for it to ring!

The OO was 15 below the home report, and then he wanted 25 above that.

In DH’s words, that’ll be shining bright!

That does seem like a lot if there is no closing date
Where I am if there is a closing date 15/20% over Valuation is not unusual

Something is only worth what someone is willing to pay for it. If someone is willing to pay that then good luck to them but it doesn't sound like anyone is beating down his door.

I'd sit tight and look elsewhere. If the £40k isn't forthcoming then he may come back to you at some point and if you are still interested and a mutually acceptable deal can be had then great but otherwise there are plenty more properties to see.

What part of the country are you in? It isn't unusual for properties to go for quite a bit over HR price at rhe moment. I am near Glasgow so it may be different elsewhere.