Giving your offer a deadline
- Thread starter CHAOS
- Start date
Used it on my last purchase work very well. Property didn't make it to first official open. Property came onto the market on the Sunday, set up an unofficial (open time wasn't advertised on the net, just for people that had called through) property had 12 groups through it with 8 offers. I made offer Monday unconditional at asking price as I knew it was good value. But told the agent if my offer wasn't accepted and the official inspection on the weekend was still to go through my offer would be withdrawn and I wouldnt be attending the open. After my offer was accepted and contract signed agent advised was still getting phone calls each week of people wanting to offer higher.
I must admit im a bit skeptical with offers with a deadline,
I wrongly/rightly? assume that the agent will assumes that deadlines dont exist,
ie ive made and purchased before with deadlines eg 5pm tomorrow, but for whatever reason the vendor cant/doesnt get back to me,
and after the offer has expired, the agent calls me and says "congrats they have accepted" or "if you can go an extra $5k its all yours" and acts as though there was no deadline in the first place
i also assume that even if the deadline has passed, teh agent will say "we have an offer of $x on the table at the moment" even though its expired and Ive moved on to another property
I wrongly/rightly? assume that the agent will assumes that deadlines dont exist,
ie ive made and purchased before with deadlines eg 5pm tomorrow, but for whatever reason the vendor cant/doesnt get back to me,
and after the offer has expired, the agent calls me and says "congrats they have accepted" or "if you can go an extra $5k its all yours" and acts as though there was no deadline in the first place
i also assume that even if the deadline has passed, teh agent will say "we have an offer of $x on the table at the moment" even though its expired and Ive moved on to another property
It depends so much on the individual circumstances of each sale, agent, vendor etc. There's really no wrong or right answer here. We've (obviously) used deadlines with purchases, and sometimes they've worked a treat whilst others haven't been as successful. The key really is to understand what's driving the vendor, the agent and if a deadline strategy works in the particular circumstance.
It can work effectively if you're considering more than one property, of course, as it provides more motivation for the vendor to consider your offer, and the agent is under the pump not to lose you as buyer. Mind you, it's all futile if the vendor won't accept your offer regardless
It can work effectively if you're considering more than one property, of course, as it provides more motivation for the vendor to consider your offer, and the agent is under the pump not to lose you as buyer. Mind you, it's all futile if the vendor won't accept your offer regardless
The agent can assume all they like, but if you include a deadline, that is a legally binding condition of your offer, and if they call back and say "they've accepted" after your deadline, you are perfectly entitled to - and should - say "my offer is no longer on foot".
If you still proceed on the same terms, then it wasn't really a deadline, and you shouldn't include it in your offer.
If you are willing to proceed on terms more favourable to you because your time requirements weren't met, you're entitled to do that.
i agree with you, however if im keen on the property, and I say deadline is 5pm today, take it or leave it
if I get a call at 11am the next day saying "offer accepted, couldnt contact the vendor till this morning" im not going to reject it am I? even on principal
I always use offer expiries, but it's relevant to the market and type of properties I'm purchasing. Essentially I target vendors who are desperate and need to tie up the ends, so a low offer with an expiry puts the pressure to accept the reduce price and move on with their lives.
I used it for my latest purchase. The aim was to get a result before the house went to open house on the weekend and I knew there would be another buyer flying in to look at it. The vendor was after a quick sale, and the strategy worked.
That would make me question why 5pm the previous day was chosen; it should be linked to some event in real life such as before an open, or before you're going to make an offer on another property, or whatever.
If I was willing for my offer to be accepted at 11am the next day, I would have made the deadline later.
If I really did mean 5pm, but it turns out that I might still be able to proceed the next day - perhaps because my subsequent offer was rejected, or whatever - then I'd say to the agent: "As my offer expired at 5pm yesterday and hadn't been accepted, I've moved on to other properties. I'll have to consider whether I want to proceed."
Of course agents won't take deadlines seriously if they're arbitrary and you don't intend for them to have any significance.
^^^^
Yes I totally agree with you
Why have a deadline if it's only arbitrary
Admittedly when I'm making offers, one of my biggest stresses is when the agent says oh there is another one or multiple offers of this and that
And since I'm starting off low to gauge the reaction, I never know whether it's true or not
And hence I usually offer quite quickly and put a deadline of a day or two so that it at least tells the owner, that it won't be around when other offers come in if at all
I did that with my latest property, put in an offer with a deadline, this was rejected so I let it go and fortunately there were no other offers or major interest. And all subsequent offers (3 or 4) had deadlines but since there were no others, both thr agent and I acted if there was no deadline
Yes I totally agree with you
Why have a deadline if it's only arbitrary
Admittedly when I'm making offers, one of my biggest stresses is when the agent says oh there is another one or multiple offers of this and that
And since I'm starting off low to gauge the reaction, I never know whether it's true or not
And hence I usually offer quite quickly and put a deadline of a day or two so that it at least tells the owner, that it won't be around when other offers come in if at all
I did that with my latest property, put in an offer with a deadline, this was rejected so I let it go and fortunately there were no other offers or major interest. And all subsequent offers (3 or 4) had deadlines but since there were no others, both thr agent and I acted if there was no deadline
The offer I made last week was not taken to the vendor. I have now put in a written offer with a deadline. At vendor's asking price (and same as the offer last week). The REA is still playing the we are waiting for other offers and the contracts to be drawn up game. I still submitted my offer. The agent looked at it and said "that is a good start". Yes, happy to walk away if not accepted.
They're legally obligated to present all offers in Queensland. I would be surprised if it were different in Victoria.which suburb is this in? if an agent gave me the attitude of "thats a good start"
id simply say "well, thats a start and the end, I am not going to increase my offer and its final, I have others that I am pursuing"
but thats on teh assumption that I dont really really want it
Yes legally they have to. And if they don't.....
I have been advised that my offer has not been presented and will not be presented and responded to by my deadline. They are using the I can't contact the vendor because ...
So when will you be speaking with the seller?
more excuses....
If you can't meet the deadline when can you present my offer?Well....bla bla bla....
This is the process we are using and when x y z is done ... we will keep you in the loop...
This is refusal to submit the offer to the vendor. This is common practice for this REA.
They didn't have that problem when getting the authority signed.
I am fine with walking away at this point. I don't see how this serves the vendor well either.
So when will you be speaking with the seller?
more excuses....
If you can't meet the deadline when can you present my offer?Well....bla bla bla....
This is the process we are using and when x y z is done ... we will keep you in the loop...
This is refusal to submit the offer to the vendor. This is common practice for this REA.
They didn't have that problem when getting the authority signed.
I am fine with walking away at this point. I don't see how this serves the vendor well either.
If they're owner-occupiers, you go and knock on the door, or leave a note in the letter box, and tell them that you wish to buy the property and believe that the real estate agent hasn't presented your offer. If they're keen to sell, I'm sure they'll quickly sort it.
Any decent agent would contact the prospective purchaser before the 5pm deadline and let them know that they haven't been able to contact the vendor etc
Mystery