Waiting on response to formal offer

Hi Everyone

We have been negotiating the purchase of a property. Listed for $560k. Our first offer of $525k (in line with comps) was countered with $560k. We rejected the counter and said we would consider increasing our offer if/when owner ready to negotiate.

Fast forward after a few more open homes (and presumably no offers in the ball park of asking) - REA has come back to us to see if we want to make another offer. We have increased our offer to $540k on a signed formal contract. Submitted this on Wednesday. The owner hasn't responded to our offer and is having another open home tomorrow (Saturday).

Should we withdraw the offer as it's obviously just being used to shop for other/better offers. Or wait til early next week then withdraw if not accepted? We like the house but don't like being strung along.

 

Keep in mind that the inspection would have been booked and advertised prior to when your offer is submitted. Even if they had accepted your offer and signed contracts, the property would still be open tomorrow.

There's a good chance the vendor will be inclined to take your offer, but given the inspection is already happening, they're going to wait until Monday to accept.

Two options:

1. Call the agent saying you need an answer by 5pm or you'll withdraw your offer. It could mean missing out on this property.

2. Follow up with the agent, let them know that you'll also be looking at other properties over the weekend and they need to get back to you on Monday at the latest, but if you purchase something in the meantime, your offer will be withdrawn.

 

Thanks Peter

We are happy to wait til early next week, but anything beyond that is just pushing it tbh. It doesn't take a week to consider an offer.

Absolutely understand that the owner wants to get the highest price for their property, but I don't think buyers should be strung along during this endeavour as a "fall back". I guess the good news is that they haven't rejected our offer straight away (like they did with the first one).

There are 3 new similar properties on the market open for inspection this weekend. We will definitely keep our options too and may find something more suitable while the owner ponders our offer.

 

Why would you want to give the vendor more options from the next inspection? Force them to make a decision.

 

which means there are always opportunities, if you miss this one.

I will just offer them 525k, they have 48 hours to think about it, this is your final offer. you will not come back to this property.

if they accept, cancel inspection, and take my 0.25%
if they don't, you move on.

 

I guess you are both right. In hindsight we should have put an expiry on our offer for 5pm today. We didn't want to come across as pushy as we want some goodwill in the transaction. But now we are most likely being played and kept warm as a solid plan B.

We will ask the agent for an update then withdraw the offer today if it hasn't been accepted.

 

Not NSW?

 

Nope QLD. We can withdraw anytime if they haven't countersigned.

 

So what happened?

 

We withdrew our offer. The owners wanted more time to consider our offer against other offers they were "expecting". That was a hard no from us. [Sellers, why do you do this? Either accept the offer, counter or reject. Nobody likes being strung along as 'plan B']

They have since reduced the price on the property to $550k and we have moved on. $540k was our best offer.

In great news, we found another property yesterday that we are really keen on and having a second inspection tomorrow. The place is advertised 'make an offer' so here we go again with the offer game!

 

Good luck!!