5 months still no answer on house offer

Denzo

Have an offer on a property with the last 5 months, the asking price is 145k and we originally bid 135k which was rejected within a week, after a another week we bid 140k last August and still haven't had the offer rejected or sale agreed,

since then we have been talking to the estate agent every 2-3 weeks and they kept saying we should have an answer next week etc and they never get back to us, they said we are the highest bid and the next bidder next to us don't have the funds to match our bid, so that kept us hopeful

This went on for months and I managed to get in contact with the owner of the house at the start of December , who owes the bank money and he says it's dragging on because he has someone investigating his financial end of things as the sale is being used to clear his debt, and then said he should have an answer next week etc etc and still no answer

So frustrating as we haven't got a yes or no answer, we really like the property and have been viewing other places since but want a definite answer on this before we move on,

Has anyone been in this position or have any advice
?

Thanks in advance

irishguy

Denzo wrote: »

Have an offer on a property with the last 5 months, the asking price is 145k and we originally bid 135k which was rejected within a week, after a another week we bid 140k last August and still haven't had the offer rejected or sale agreed,

since then we have been talking to the estate agent every 2-3 weeks and they kept saying we should have an answer next week etc and they never get back to us, they said we are the highest bid and the next bidder next to us don't have the funds to match our bid, so that kept us hopeful

This went on for months and I managed to get in contact with the owner of the house at the start of December , who owes the bank money and he says it's dragging on because he has someone investigating his financial end of things as the sale is being used to clear his debt, and then said he should have an answer next week etc etc and still no answer

So frustrating as we haven't got a yes or no answer, we really like the property and have been viewing other places since but want a definite answer on this before we move on,

Has anyone been in this position or have any advice
?

Thanks in advance

Why are you still waiting after 5 months?

I have only given a 1 week time frame for any offers I have made.

Give them 48hrs for an answer and remove your offer after than and move on.

drunkmonkey

Can you get your solicitor to make a contract that the house has to be sold to you if matters get resolved at an agreed price. You give deposit to solicitor.

It might be a case he doesn't want to sell he's just going through the motions as he's being forced.

lawred2

Denzo wrote: »

Have an offer on a property with the last 5 months, the asking price is 145k and we originally bid 135k which was rejected within a week, after a another week we bid 140k last August and still haven't had the offer rejected or sale agreed,

since then we have been talking to the estate agent every 2-3 weeks and they kept saying we should have an answer next week etc and they never get back to us, they said we are the highest bid and the next bidder next to us don't have the funds to match our bid, so that kept us hopeful

This went on for months and I managed to get in contact with the owner of the house at the start of December , who owes the bank money and he says it's dragging on because he has someone investigating his financial end of things as the sale is being used to clear his debt, and then said he should have an answer next week etc etc and still no answer

So frustrating as we haven't got a yes or no answer, we really like the property and have been viewing other places since but want a definite answer on this before we move on,

Has anyone been in this position or have any advice
?

Thanks in advance

You have to put an expiry time on an offer.

Denzo

irishguy wrote: »

Why are you still waiting after 5 months?

I have only given a 1 week time frame for any offers I have made.

Give them 48hrs for an answer and remove your offer after than and move on.

Thanks for the advice, never gave a deadline originally as we were told all along we should have an answer next week etc etc, will be speaking with estate agent tomorrow and will be putting a deadline on our offer for next Friday,

First time buyer any advice welcome

drunkmonkey

You'll have pie on your face if you put a deadline for Friday, once there are legal complications it could roll on for months if not years.
Unless it's shocking good value move on or else get something agreed between your solicitor and his.

Offer the asking price for a decision by next Thursday. 5k is nothing over the length of the mortgage. They won't bite though if there's complications.

Any advice, don't buy a starter house make sure this will do you and 3 kids if that is your long term intention, were in a bubble again and you don't want to be stuck trying to sell a shoe box when the whole thing implodes again.

Denzo

drunkmonkey wrote: »

You'll have pie on your face if you put a deadline for Friday, once there are legal complications it could roll on for months if not years.
Unless it's shocking good value move on or else get something agreed between your solicitor and his.

Offer the asking price for a decision by next Thursday. 5k is nothing over the length of the mortgage. They won't bite though if there's complications.

Any advice, don't buy a starter house make sure this will do you and 3 kids if that is your long term intention, were in a bubble again and you don't want to be stuck trying to sell a shoe box when the whole thing implodes again.

Thanks for you reply, the property is good value it's a bungalow built in 2002 on a 1acre site, no kids yet haha but hopefully would be our home for good.

Bigus

Absolutely do not offer the ASKING price now, ring the agent and say you have found another house that you're interested in and you'll have to withdraw your current offer by xx date ( you choose) say Friday week unless contracts are sent out to your solicitor this week.

No point in offering more money when there is no other buyer and the fact that the amount of your offer is not what's actually holding up the sale.

And in all honesty you need to be looking at alternative properties after 5 months of no commitment from vendor.

drunkmonkey

Christ that's a lot of grass...

Talk to your solicitir, probably just drop down and meet them yourself and see can you come up with a plan to propose to the estate agent and owner.
If you want it and it's in the right location try and lock them in someway.

Another bit of advice make sure it's not in the middle of nowhere I very nearly bought out in the countryside but my solicitor, bank manager and accountant said I was mad and 2 of them live in the countryside.
They talked me out of it and I ended up with a better property for the same money with fiber internet and walkable distance to shops, schools and pubs. There's a lot to be said for it.

Denzo

drunkmonkey wrote: »

Christ that's a lot of grass...

Talk to your solicitir, probably just drop down and meet them yourself and see can you come up with a plan to propose to the estate agent and owner.
If you want it and it's in the right location try and lock them in someway.

Another bit of advice make sure it's not in the middle of nowhere I very nearly bought out in the countryside but my solicitor, bank manager and accountant said I was mad and 2 of them live in the countryside.
They talked me out of it and I ended up with a better property for the same money with fiber internet and walkable distance to shops, schools and pubs. There's a lot to be said for it.

Only a few miles from town so ain't too bad ☺, bout a five minute drive, lived in towns and cities but grew up on the side of a hill ðŸ˜

A2LUE42

If they are not giving you an answer then I would suggest that the house isn't for sale. We encountered several like that where the EA's couldn't get responses from the vendors and not one was genuinely for sale. Any that were for sale responded within days.

One_Of_Shanks

Sounds to me like he wants to sell but isn't actually yet in a position to do so.

So....... this could go on for ages, anyone's guess as to how long it will be until he can actually sell.

If it was me, and everyone is different, I would leave my bid on the table and then forget about it and act as though you never saw the place.
By that I mean keep viewing other places and proceed as if this other house never existed.

If you find somewhere else you like then that's the time to say you have a week to accept or reject or we'll bid on this one.

But I think if you issue an ultimatum/deadline now then they'll still not accept coz they actually can't sell right now.
Whatever you do, make sure you do NOT increase your offer.
The offer is probably acceptable to them already, their circumstances are likely the only reason for not going ahead.

It's very easy fall in love with a house and you could be waiting forever for something that might not happen.

Keep looking at other properties and if its meant to be it will be.

spaceHopper

Talk to the EA, tell him this has been dragging on for 5 months, ask him is the house for sale, what exactly is going on? Be a bit firm and cross. Then say nothing let them talk, leave lots of uncomfortable silence, let them fill the gaps. You'll learn a lot. It might be a case of the bank not letting it go for less than a figure x which could be above asking they may have tried and failed to get a bidding war going. I'd tell the EA your offer stands but you a looking else where. Put the house out of your mind and look to buy else where, maybe it will come back to you, maybe it won't. But life is to short.

Parchment

I bet the house isnt for sale - i had a similar thing happen me. Rang numerous times about the house, even called into the EA to try and view it but no action.

I think the owner may have had to appear to be trying to sell it maybe because the bank was looking to take it. Or something along those lines.