Just made an offer - now what?

Hi guys made an offer, price fair i think. Hopefully will hear back tomorrow.

Thing is hasn't been a home open yet, one scheduled for Sunday- in your opinion will vendors likely put me off until after the weekend, or likely to try see my offer through to conclusion for better or worse before deciding to cancel open if accepted?

Just opinions on assumption offer is fair reasonable.

 

I would imagine they will try wait to see how much interest there is at the open.

If they call you Monday morning that means zero interest...

 

Thanks Jimmy - would it be to.my benefit or detriment asking for an answer by tomorrow night?

 

Not now, they will just give you an excuse why they can't.
You could have put in the offer that it was only valid for 24hrs etc, but if it's not in the offer there's No reason for them to do it sooner.

Saying that, you could always try.

 

Sit and wait, I wouldn't play games with them if you are serious about it. If that is your max offer just stand firm and when you lose patience (after an open home imo) you can set deadlines, but be prepared to walk away.

 

I agree they will likely let the open house run first.

However what if the call on Monday morning is we got an offer and will need your best offer? Doesn't sound like to me they have zero interest...

If they call in Monday saying congrats it means they likely didn't have any offers.

@Beachman the hardest thing for a REA in this situation if it is fair is convince the vendors it is as people feel their property normally is worth more than a first offer before an open... unless someone is paying way above what the vendors would consider a reasonable price (e.g 1M for a 500k property).

Good luck but calling the agent now will just reveal inexperience and that you likely have more money. I would keep looking and wait, this is easier said then done .

 

The first thing I ask an agent is when will you be presenting this offer ( this is always before I fill out the contract ) They usually always say the same day etc.
When I fill out the offer I put in the conditions...this offer expires in 3 working days by 5pm.
I always tell the agent I don't want to miss out on another opportunity by being involved in a long drawn out negotiation process. Because you know they are scoping other offers....The agent needs to know their fish can get off the hook if they don't close out.

 

Head to the open house to gauge the level of competition/interest in the property.

Agree with the above - unless your offer is a fair bit higher than their expectations - they'll likely continue with the first open.

Cheers

Jamie

 

Much appreciated all, as you all infer5, take the emotion out of it - something else will come up soon after.

 

It's a numbers game, need to check out many homes and not bank on the one property. If this is your 'forever' home, I wouldn't be playing out your luck for an extra $1k or so. I know for my PPOR, I paid the asking price and got it off the market asap due to the interest that it generated and thank god I did!!

 

Thanks Jins - agree but on diff is this is a median area south of perth- I.e. still a buyers market so foolish to get swept up and compete a giant myself, though that's hard to judge of it's the case

 

If that's the case, I wouldn't offer listed price at all and cast my net wide with offers galore.

 

I am also looking at a recently listed property here in Brisbane, asked the agent for a price and they just send me a list of comparables and when I asked again if they were just waiting for the first open next week to see response and have a price, gave me BS about how every buyer has a different price etc etc and that there was interest in it already.

But that's REAs for you.

If you have put the offer in writing and not getting a counter-offer within a couple days, you can either call the agent to say you are considering to withdraw your offer as you have found something else that you would like to offer on.

either that or just let them do their weekend open and on monday call and say you are considering withdrawing your offer if you are not getting a reply or counter-offer.

Once you get a counter-offer you can counter or accept it and shouldn't take much time to close the deal.

 

If the agent is any good, they will hold opens until your contract has gone unconditional.