Offer with a timeframe

[beachgurl]

I made an offer on a house yesterday. Had a private inspection on Saturday and was the first to inspect. Agent put offer forward to owner but they want to wait til after next Saturdays open to consider it. I know I should've put a timeframe on the offer but stupidly thought there was no need as I was the only one through.

I really don't want my offer being used as a negotiating tool for the agent on the weekend. I'd like to go back to the agent and say something along the lines of the offer expiring prior to the weekend but not sure how to go about it. Does anyone have any advice?

 

[chindonly]

I've purchased under a contract that has a special condition with a specific expiry date / time.

e.g. "This offer expires at 5 PM on Friday 28th January 2014"

Also helps if you tell them that you have another property you are interested in, hence the reason for the expiry. Worked for me!

I imagine you could do the same verbally - that unless the offer is accepted by a certain time, you withdraw the offer / contract.

 

[baby blue eyes]

In this market it will be and someone will go over

 

[punterncollect]

more fish in the sea

beachgurl maybe you should take a step back to realise if you miss this one there is always another one; or have you become emotionally attached to it? if so cast that aside as its only property & there is always another one aroun=d the corner even if you truly believe this is "the one"
btw are you an investor or owner occupier for this house?

 

[beachgurl]

No I haven't become emotionally attached, the numbers just make sense. Would be an investment.

 

[Joe D]

I really don't want my offer being used as a negotiating tool for the agent on the weekend. I'd like to go back to the agent and say something along the lines of the offer expiring prior to the weekend but not sure how to go about it. Does anyone have any advice?

Phone the agent and advise the offer is only open for a response by Thursday 5.00pm. Follow up in writing with an email reflecting the same wording. There is no need to give a reason, just don't allow them to use it as a negotiating tool on Saturday.

Three scenarios:

1. If they get a lower offer than your previous offer on Sat, they will probably contact you again anyway to check whether you may be still interested.
   
2. If they don't get any offers, you can always resubmit your offer again.
   
3. If they get one higher, you would have lost out anyway.

 

[VYBerlinaV8]

I always tell an agent I'm looking at multiple properties, and like them all, and so if someone is willing to negotiate I will buy today.

Tell them your finance is ready to go.

 

[ZachAnSel]

Hi Beachgurl,
Did you submit the written offer? If that the case, call the agent to advise you have to pull out the offer due to expiry clause.

Then submit new one with expiry date clause.
I did make same mistake once, and its quite normal. Even agent will think that you're newbie. Which give false expectation and create opp (sometimes)

 

[Peterw]

An offer does not need an expiry time, for you to withdraw it. You can submit advise after the offer has been made, that you would like a response by a certain time, and depending what then happens you can leave on the table or withdraw. At the end of the day, the "heat" in the market will be a heavy part of the discussion between agent and owner, and their thinking on whether they can do better, by waiting a bit longer. My belief is that an emotionally attached buyer is more likely to pay the higher price, so as you have indicated that its not you, that may encourage them to be patient and wait a bit longer than just one weekend. It is all your choice.

 

[beachgurl]

Thanks everyone for your replies. I just let the agent know that I'd like to make an offer on another property and don't want to have multiple offers out there and so my offer will expire at midday tomorrow.

I expect the owner will hold out for a better offer and that's fine. I've only been looking in this suburb for a few weeks so something else may come up soon enough. I'm so used to buying at auction I feel very amateurish making offers via private treaty.

 

[ok180]

I just let the agent know that I'd like to make an offer on another property and don't want to have multiple offers out there and so my offer will expire at midday tomorrow.

Sellers market, good luck with that lol.

 

[MRO]

If you are still the best offer at the end of the weekend the agent will no doubt contact you to see if you will write the offer again.