Time limit on offer?

[essgee]

I put in an offer on a flat just over a week ago and have yet to hear anything back from the vendor. The estate agent has left several messages but had no response at all. Is there a limit on how long an offer remains available for, or do I just have to sit and wait? It's getting quite frustrating now because I want to know what's happening one way or another and the estate agent doesn't seem to be much help.

[drhouse]

Originally Posted by essgee

I put in an offer on a flat just over a week ago and have yet to hear anything back from the vendor. The estate agent has left several messages but had no response at all. Is there a limit on how long an offer remains available for, or do I just have to sit and wait? It's getting quite frustrating now because I want to know what's happening one way or another and the estate agent doesn't seem to be much help.

If it is a written legal offer the solicitor will usually put a deadline on it for acceptance. If you have just made a verbal offer you probably wouldn't have put a deadline on as it wouldn't cross your mind. You could go back to them and repeat your offer with a stipulation that you have an answer in 24 hours (less or more depending on what suits) or you will withdraw the offer. It might work but they seem pretty laid back to have given you no response so far.

That said if the property is a repossession the E A has to go to the company selling who then have to go back to the lender. Some of these can be ridiculously slow. They couldn't give a toss

[essgee]

It's not a repossession or anything like that, so I don't know why the vendor is dragging it out so long. Spoke to the estate agent yesterday and he suggested that perhaps the vendor hasn't come back to them yet because my offer wasn't "exciting enough." Yeah, right - I might be a first-time buyer but I'm not falling for that one. I believe my offer was perfectly reasonable, so I suppose I have no choice but to wait it out.

[jodieB]

a friend just got a new house and they made an offer on a place and real estate asked about better offer and they replied with saying that they were checking some other places which is maybe you might have to play with and tell them the wait is annoying you could easily just walk from it

[essgee]

I've already tried that; still no response from the vendor. I think I'm going to withdraw my offer because it's just getting silly now.

[essgee]

Finally heard from the estate agent - offer rejected. Can't believe the vendor kept me waiting for nearly three weeks, only to turn it down

The agent says he is flat out refusing to take anything less than the asking price; with a £6,000 lease extension to take into account, my budget simply won't stretch that far.

[drhouse]

Originally Posted by essgee

Finally heard from the estate agent - offer rejected. Can't believe the vendor kept me waiting for nearly three weeks, only to turn it down

The agent says he is flat out refusing to take anything less than the asking price; with a £6,000 lease extension to take into account, my budget simply won't stretch that far.

I'm sorry to hear that. However, he may not get what he wants and they may come back to you in a few weeks - then you reduce your offer if you still want it.

[essgee]

That's good advice - thank you.

[essgee]

Sorry, little addition to the above. As I mentioned in a previous post there is an issue with the lease on this flat - it has 74 years remaining and the seller has advised that it will cost around £6,000 to have it extended.

My next question would be, if he does change his mind and decide to accept my offer then if we agree a lease extension as part of the sale would I be expected to pay the £6,000 or would the seller have to cover the costs? My mortgage adviser has told me that it wouldn't be necessary to get a lease extension at all but I'm a bit wary of this as it may affect the sale of the flat in the future.