how long should you wait for the vendor to give you a answer to your offer?
- Thread starter tj22
- Start date
How longs a piece of string. Generally I put a 24-48 hour expiry on all offers to keep them on their toes.
This may not work in a hot market however, where the vendor holds all the cards.
This may not work in a hot market however, where the vendor holds all the cards.
You've let the vendor take control. Put a clock on your offer. That puts pressure on the vendor to make a decision. You might consider contacting the agent (in writing) and saying that the offer will expire at xxx time on xxx date.
If they ask you can say you are preparing an offer for another property.
If they ask you can say you are preparing an offer for another property.
Time limit is essential. I watched my sister-in-laws offer held for two weeks while the REA held two home opens.
All my dealings with agents suggests that as soon as they receive your offer they will immediately call other potential purchasers and give them an opportunity to put in an offer at the same time. The time limit lessens the agents ability to use your offer as a sales tool to extract a better offer from someone else.
Call you agent and give them a time limit and follow this up with an email. People can be contacted in most places around the world so there is no reason more than 24 hours would be required for a seller to accept, decline or counter your offer. If anyone needs more than a day to reply something is wrong.
All my dealings with agents suggests that as soon as they receive your offer they will immediately call other potential purchasers and give them an opportunity to put in an offer at the same time. The time limit lessens the agents ability to use your offer as a sales tool to extract a better offer from someone else.
Call you agent and give them a time limit and follow this up with an email. People can be contacted in most places around the world so there is no reason more than 24 hours would be required for a seller to accept, decline or counter your offer. If anyone needs more than a day to reply something is wrong.
Where are you buying?
This is what I would do too. Take control back to prevent your offer being used by the agent to get higher offers from a preferred buyer.
the problem is, even if you put an expiry on it, the agent can and still will use the offer indefinitely to lure others to increase/match their offer/interest
so unless its a cold market, or unless the vendor is desperate, I dont think an expiry date is very important, but I would recommend always including one as the agent now runs the risk of losing your offer if it expires
