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Made an offer on a house - how long before I can expect a reply?

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  • 15-10-2013 7:01pm
    #1
    gerrybbadd
    Registered Users Posts: 10,301 ✭✭✭✭


    My wife and I made an offer on a house yesterday. We know that the bank is on the sellers back to get it sold a.s.a.p. We had expected a reply fairly rapidly, but have yet to.

    I'm wondering if perhaps the estate agent is playing the waiting game to see if we may increase our offer to nearer the asking price.

    What, in your experiences, is the normal waiting time to hear if an offer is accepted? (I know this seems impatient of us, but we are quite excited about the possibilities this house presents!)


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    #2
    dines08
    Registered Users Posts: 468 ✭✭dines08


    gerrybbadd wrote: »
    My wife and I made an offer on a house yesterday. We know that the bank is on the sellers back to get it sold a.s.a.p. We had expected a reply fairly rapidly, but have yet to.

    I'm wondering if perhaps the estate agent is playing the waiting game to see if we may increase our offer to nearer the asking price.

    What, in your experiences, is the normal waiting time to hear if an offer is accepted? (I know this seems impatient of us, but we are quite excited about the possibilities this house presents!)

    If you hear nothing by Friday then ring them back and tell them your offer is good until Friday week and after close of business on that date it expires.


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    #3
    Fozzie Bear
    Registered Users Posts: 1,178 ✭✭✭Fozzie Bear


    gerrybbadd wrote: »
    My wife and I made an offer on a house yesterday. We know that the bank is on the sellers back to get it sold a.s.a.p. We had expected a reply fairly rapidly, but have yet to.

    I'm wondering if perhaps the estate agent is playing the waiting game to see if we may increase our offer to nearer the asking price.

    What, in your experiences, is the normal waiting time to hear if an offer is accepted? (I know this seems impatient of us, but we are quite excited about the possibilities this house presents!)

    Jaysus its only been a day! Give them a chance.....

    Our experience? Same as you. Bank told him sell, he had a few properties to shift, so you would think they were motivated. Right!?!

    House, detached on acre site in the country side, on daft for 295,000, Auctioneer told us 250,000 would buy it. House needs a new kitchen, redecorating, bits and pieces and there is no garage. Would take 40-50 grand to bring up to scratch.

    We offered 245,000 auctioneer happy, seller happy so we though its a done deal. Seller had to go back to his Bank manager though to OK it first. That took a week to organise a meeting and then the bank manager turned down the offer. He wants full asking price or as close as possible! Auctioneer told him he was mad and there was no chance of getting that. Its been sitting there for the last 5 months and will be there in another 5 too.

    So be ready to be shocked! The bank is calling the shots here and its up to them to OK it at their leasure, not the vendor.


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    #4
    gerrybbadd
    Registered Users Posts: 10,301 ✭✭✭✭gerrybbadd


    Thanks for the replies to date guys!

    So, after we made the inital offer, we ended up chasing the Estate agent down to see where we stood. He advised that the seller owes exactly 115K to the bank, and he couldn't accept any less than this for the house.

    No problem says us, we will meet your sale price. The house is also on Daft.ie, listed for 115K.

    So the agent says he will relay this back to the seller for consideration... Now, less than an hour ago, the estate agent came back and says "Oh, well the seller also has 5K worth of solicitors fees to pay, so he said if ye give him 120K, he will definitely sell to ye!"

    We told him good luck, we have out own solicitors fees to worry about, and are not going to give the seller an extra 5k so he can clear his legal bills.

    So, the estate agent has gone back again to the seller to relay this info back. I'm not impressed with this carry on at all to be honest. He asked for 115K, and we told him we would match this. I find it very cheeky to ask for another 5K on top.

    I feel like walking away from the whole situation now at this stage, only that the property has such potential, and is a real bargain (on 3/4 acre, 2,200sq foot house, 4 bed, 3 bath, with the attic converted - another 1,000 sq foot in the attic)


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    #5
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    gerrybbadd wrote: »
    So the agent says he will relay this back to the seller for consideration... Now, less than an hour ago, the estate agent came back and says "Oh, well the seller also has 5K worth of solicitors fees to pay, so he said if ye give him 120K, he will definitely sell to ye!"
    If you're going to walk away, tell the EA that your final offer is €110k, and the offer expires today week.


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