Made an offer - how long to wait?

dmitri145

I have made an offer on a property today.
One previous offer (below the asking price) was rejected.
Mine is higher, but still below the asking price.

What is the reasonable time to expect an answer?

When is a good time to call the agent asking about it?

Ayuntamiento

dmitri145 wrote: »

I have made an offer on a property today.
One previous offer (below the asking price) was rejected.
Mine is higher, but still below the asking price.

What is the reasonable time to expect an answer?

When is a good time to call the agent asking about it?

You really need to say where the property is- Dublin vs the rest of the country? In the popular areas of Dublin you can expect to hear back almost immediately (with a counter offer unfortunately).
In my area most properties were going from first viewing to sale agreed within 2 wks.

dmitri145

It is central Dublin, sorry.
The property had been on sale for 2 weeks.

Ayuntamiento

I hate being obtuse but I suppose it all depends! Is this property in turn-key condition? (ie. unoccupied and in good condition such that you could move in immediately) or is it a property that requires a lot of work?
When I was bidding in a similar area to D2, I found myself in a bidding war with many other people from the first viewing. Under asking offers were usually exceeded within the first day. I'm assuming there's something wrong with your property that is giving you some bargaining power?

dmitri145

It is occupied by the owner's son, who will be ready to move out once sold.
Conditions are decent some work might be needed but nothing major.
It is an apartment in D2, there was already one bid rejected from previous viewing.
Only 2 other buyers showed for this viewing and didn't make any offer that far.
It might be too expensive for some folks as you can get a decent house for that price a bit away.
The seller is not "in a rush", so might be waiting for more interest,
but I am not sure what is good strategy, have no experience myself.

whiskeyman

Could be a few days... Average around 3 I'd reckon.
They'll get back to the other bidders and the vendor to let them know. I'd call back Friday afternoon to check for an update if you haven't heard back.
Best of luck...The wait can be agonising!!

listermint

How longs a length of string.... To be honest

dmitri145

Thanks, Friday would only be after 2 days.
Would that not look too eager from my side?

big syke

Depends on the Agent. We bid on a property yesterday and he flat out said no straight away. We bid around 17% below asking.

Samuel T. Cogley

If you don't get an immediate no, try and hold out a few days at least. The ideal situation is the vendors side coming back to you. You need to keep looking though and I'd even rattle the EA's cage by viewing properties with them, even if they're not exactly whet you're looking for (don't make it too obvious though). At 2 weeks though no one is going to be in a rush.

Even once your offer has been accepted and booking deposits paid - KEEP LOOKING, I'd guestimate as many sales fall through as go through at the booking deposit stage; noting is certain until you have the keys.

astrofool

Even if a bid at asking or above comes on this early, the vendor will likely hold out for another few weeks just to tease out the market. There's no exact "market price" for any property, so the price is usually set at a level to attract interest and not frighten people off, but not too low that it's undervalued. Price can also be driven by the vendor's needs, e.g. need a certain price before they can trade up/down or pay off mortgage, then, even if it's overvalued, they'll just wait it out, or remove it from the market eventually.

Then again, I saw a couple who were trading down go sale agreed at asking after two weeks, and sold a month after that.

davindub

dmitri145 wrote: »

I have made an offer on a property today.
One previous offer (below the asking price) was rejected.
Mine is higher, but still below the asking price.

What is the reasonable time to expect an answer?

When is a good time to call the agent asking about it?

Really depends on the agent/ vendor.

Most agents will be trying really hard to get new bidders in either to get you to raise your price or eventually buy. The fact that it is not generating much interest is a sign that it is overpriced at the moment.

I know of one property on the market for 6 months, it wasn't getting close to the asking price. I passed on it. The agents response? Raise the price....couldn't deal with them on a sensible level at all.

I only know 1 agent in Dublin who closes very quickly, the rest I found drag it out.

My advice, keep looking, don't get too attached to this property and bid on others you have a chance of getting. Don't call the agent enquiring too often, just wait a while, they will get back to you.