Boring Real Estate Question...

[lukaelmo]

DP and I just made an offer on a house (a signed contract) and we just realised that we have got no idea how long the offer is actually valid for :o .

We actually made the offer Friday morning and the owners (5 couples fighting over their dead mother's estate :rolleyes: ) haven't gotten back to us yet. I hate being held in suspense, but don't want to ring the estate agent as don't want to appear desperate to have this place, as of course I am :laughing:!

I also feel as though we should have put an "accept in 24 hours" clause, I mean it's either yes or no, don't take us for idiots by playing our offer against other possible ones.

Oh dear, now I am getting angry :laughing:!

[anna's mum]

In my experience, it can take days for the agent to get back to you, usually with a counter-offer, and then another couple of days for them to get back to you again ...
The agent has to contact the vendor for a start, & if there are 5 adults, that means contacting them all, then a meeting for them to decide whether to accept or put a counter-offer ... It can be a bit frustrating waiting, I know ...

[RedPanda]

They may be waiting until Monday. Buying and selling real estate can be so nerve-racking and frustrating. :banghead: They really should get back to you within 24 hours. I mean, they must know what they are willing to let the property go for. Maybe they're playing games... not wanting to appear to eager.
All I can do is sympathise with you! I don't know the legalities of offers, and how long they are valid for! Good luck:fingerscrossed:

[CJJHRA]

it sounds as if it may take a bit longer than usual especially if they have to ring all 5 other parties, and they all have to agree etc. :fingerscrossed: for you.

[lukaelmo]

Oooo thank you all for replying, the real estate lass just got back to us and they said no. Flat out no. They want $6 000 more than we offered, but haven't signed a counter offer...

Honestly, there are 5 of them - they want 6 grand more??? It's only another $1 200 more each... I guess it is their house though, and they can ask what they want for it.

Apparently one of them agreed, but the others are digging in their heels... DP and I are half tempted to offer more, half tempted to walk away... the house is HUGE, and so are the grounds, the three of us have been squeezed into our appartment for almost a year now, and have been looking for a house for ages.

I think the grounds are around 10 times bigger than where we are now :eek: .

But where we live now is a great area, this house is out in woop woop :laughing:.

Oh to win the lottery and to be able to pick and choose :D .

[MammaMia]

Ali - if you want it, take it.

That's my philosophy. Pay what it is worth to you.

I know that we all want to feel that we've had a little win in the bargaining stakes, but really - you get what you pay for.

My favourite saying from Warren Buffet... the price is what you pay, but value is what you get.

Good luck!

[Elfin]

I agree with MM even though it is annoying, if you love the house and it suits you in every way go for it. Also if you think it will achieve good capital growth, it won't take long to recover the extra $6k. However, because I am stubborn I would probably offer them an extra 3 as a compromise in the first instance. At least you are meeting them halfway, could be worth a try and at least then you save $3k

Good luck with it, negotiations are never fun:no:

[rynosmum]

We had a similar situation with an investment property purchase. The family had allowed the property to become unconditional but decided not to show up to settlement. I'm very wary with multiple family member consortiums these days. Too many crazy emotions.

If you love it, pay the extra $6K just to secure it. If you don't love it, walk away.

Best of luck !:fingerscrossed: