What should I do when the Seller takes too long to respond to my offer?
Started by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
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I am very interested in an apartment which has been in the market for about five months and the Seller has reduced the price twice. I have been negotiating my offers with the Seller for about a month because they are very slow in responding my offers. They have been holding Open Houses every Sunday and they have scheduled another Open House for this coming Sunday. My most recent offer is very... [more]
I am very interested in an apartment which has been in the market for about five months and the Seller has reduced the price twice. I have been negotiating my offers with the Seller for about a month because they are very slow in responding my offers. They have been holding Open Houses every Sunday and they have scheduled another Open House for this coming Sunday. My most recent offer is very close to what Owner wants with only about $10K gap for a $1.4 million apartment, but it has been ten days and they continue telling me that they need more time to think about my offer. The Seller broker has also told me in couple of conversations that she’s on her way to show the apartment to her clients along with their contractors for the third time, but none of the clients seemed to have made an offer after seeing the apartment multiple times and with their contractors. What should I do? – I don’t really want to loss the apartment because the size is large enough for my family and price is affordable to us, but the other buyers who have viewed the apartment might not think this way because they have not made any offers during the past month. During the previous four months before the last price reduction, the Seller got two offers: one was lower than mine; and the other was higher than mine, but the buyer changed the mind and decided to buy another apartment before the contract was signed.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
You should advise that you are looking at something else, and give them a deadline to accept the offer. You should not have an offer hanging out that long. They will use your offer to get a higher offer. You need to show that you are willing to walk. Also you need to consider that the seller is not serious about selling, and testing the water. You can't do much in this case.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
I agree wtith the above poster. Give them a deadline, not more than 48 hours. If they do not respond...walk away, they are not serious and are waisting your time.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Same thing happened with me. I made an offer that was used as a bargaining chip by the seller's broker at an Open House on Sunday when they requested all best and final offers be submitted the preceding Friday. When I found out about this, I made my offer expiring 24 hours after the Open House. That way, no one who attended the Open House would be able to submit and get an accepted offer by then.
Remember too that you should never fall in love with just 1 place. Fall in love with 3 because 2 will fall through.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
“……I made my offer expiring 24 hours after the Open House. That way, no one who attended the Open House would be able to submit and get an accepted offer by then.”
Thank you all for your advice. Just wonder if I call the Seller broker today and tell her that my offer will be expired by Monday afternoon, am I right that this way, no one would be able to submit and get an accepted offer between today and Monday afternoon, i.e. the Seller has to consider my offer only, not any other offers?
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Give a deadline. They are jerking you around and it probably shows you how they will act during the closing stages. I had an owner sit on an offer for 5 days and it drove me crazy (same deal, place was on the market for 3 months, trying to get a better offer, etc.) On the other hand, a $10k difference for a $1.4M place is not enough to blow a deal on.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
2 options:
- If you really want this place, 10k out of 1.4 million it's only 0.71% ! So if you really want it you give them the price they ask. 10k on a 6% mortgage it's only 50 per month...
- If you think that you can spend 2 or 3 other months to visit other apartments, spend saturdays and sundays visiting, instead of painting and shoping for furniture, and then, maybe, find you dream apt, then tell them that your offer will expire saturday evening...
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Maybe you were so enthusiastic about the apartment, they realize that you will pay full asking price. They are waiting for you to come up. You can not let the broker know that you love the place. The broker will tell the seller that you really want the place and wait for you to come up.
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
am I right that this way, no one would be able to submit and get an accepted offer between today and Monday afternoon, i.e. the Seller has to consider my offer only, not any other offers?
anyone can keep offering until the contract is confirmed and signed by both seller and buyer. only then does it become a done deal. yr setting a timeframe is only to get them to hopefully accept. but until the contract is signed, they can still accept other offers.
i agree with above poster that u should have a couple of other options in place unless you are prepared to pay for higher or get into a possible bidding war if they accept another offer.
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You should advise that you are looking at something else, and give them a deadline to accept the offer. You should not have an offer hanging out that long. They will use your offer to get a higher offer. You need to show that you are willing to walk. Also you need to consider that the seller is not serious about selling, and testing the water. You can't do much in this case.
I agree wtith the above poster. Give them a deadline, not more than 48 hours. If they do not respond...walk away, they are not serious and are waisting your time.
Same thing happened with me. I made an offer that was used as a bargaining chip by the seller's broker at an Open House on Sunday when they requested all best and final offers be submitted the preceding Friday. When I found out about this, I made my offer expiring 24 hours after the Open House. That way, no one who attended the Open House would be able to submit and get an accepted offer by then.
Remember too that you should never fall in love with just 1 place. Fall in love with 3 because 2 will fall through.
“……I made my offer expiring 24 hours after the Open House. That way, no one who attended the Open House would be able to submit and get an accepted offer by then.”
Thank you all for your advice. Just wonder if I call the Seller broker today and tell her that my offer will be expired by Monday afternoon, am I right that this way, no one would be able to submit and get an accepted offer between today and Monday afternoon, i.e. the Seller has to consider my offer only, not any other offers?
Give a deadline. They are jerking you around and it probably shows you how they will act during the closing stages. I had an owner sit on an offer for 5 days and it drove me crazy (same deal, place was on the market for 3 months, trying to get a better offer, etc.) On the other hand, a $10k difference for a $1.4M place is not enough to blow a deal on.
2 options:
- If you really want this place, 10k out of 1.4 million it's only 0.71% ! So if you really want it you give them the price they ask. 10k on a 6% mortgage it's only 50 per month...
- If you think that you can spend 2 or 3 other months to visit other apartments, spend saturdays and sundays visiting, instead of painting and shoping for furniture, and then, maybe, find you dream apt, then tell them that your offer will expire saturday evening...
Maybe you were so enthusiastic about the apartment, they realize that you will pay full asking price. They are waiting for you to come up. You can not let the broker know that you love the place. The broker will tell the seller that you really want the place and wait for you to come up.
am I right that this way, no one would be able to submit and get an accepted offer between today and Monday afternoon, i.e. the Seller has to consider my offer only, not any other offers?
anyone can keep offering until the contract is confirmed and signed by both seller and buyer. only then does it become a done deal. yr setting a timeframe is only to get them to hopefully accept. but until the contract is signed, they can still accept other offers.
i agree with above poster that u should have a couple of other options in place unless you are prepared to pay for higher or get into a possible bidding war if they accept another offer.