Average Wait For Offer

[topa]

Hello all,

We've put 2 offers thus far, both 15% under current listing price. This may seem like a long shot, but there were some issues with both properties and we felt the offers were reasonable. We got a counter at 2.5% of the listing price on the first offer, and decided to move on since there is no way we would be able to come close.

We put another offer on the second property (new spec home) on Friday (August 1st 2014) and have yet to hear from the sellers (builder). We pinged the Realtor on Saturday - she had not heard anything and asked we give it more time. It's Monday afternoon and still nothing. After how much time do folks normally decide to move on and keep searching for other properties?

Thanks!

[DrZoidberg]

Builders usually take a bit longer. My experience was back and forth 3 times and it took a total of 3 weeks to come to terms on the initial offer. We each did a vacation during negotiation and the inspection process. We did anothe negotiation after the inspecation that took anohter week and then another negotiation after the appraisal that took another week. 

I learned very quickly that patience is needed. I don't know why some people take a while but if I can work 70 hours a week and do all the inspection scheduling, paper signing and emails...others should. 

[topa]

Thanks!

Our timing is not the best unfortunately, since we are on a tight timeline. We are at a point where we may ditch the purchase and rent for another year.

I don't mind going into negotiations, but we haven't gotten any signals that it's what the builder wants. Also unsure why the review would last longer than 2 days. We are pretty much wasting valuable time waiting for the builder, time we could be using to expand our search.

We are giving ourselves to Wednesday, if no dice, rental it is.

[topa]

Just heard back from the Realtor, no dice. I guess it's not our time.

[ezdriver]

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@topa wrote:

Hello all,

We've put 2 offers thus far, both 15% under current listing price. This may seem like a long shot, but there were some issues with both properties and we felt the offers were reasonable. We got a counter at 2.5% of the listing price on the first offer, and decided to move on since there is no way we would be able to come close.

We put another offer on the second property (new spec home) on Friday (August 1st 2014) and have yet to hear from the sellers (builder). We pinged the Realtor on Saturday - she had not heard anything and asked we give it more time. It's Monday afternoon and still nothing. After how much time do folks normally decide to move on and keep searching for other properties?

Thanks!

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That Realtor is lazy. Tell her to get off her lazy duff and go get you an answer from the builder. i'd say reasonable wait times are 24 hrs in the case of a resale home and 1 hour if the seller is a builder.

[topa]

Thanks EZ...

We finally heard back from the bulder's realtor - my realtor basically said the seller's realtor didn't get an answer from the builder - which basically means they don't care about the offer. I don't know what to make of it, but one thing is sure. I had a good view of this builder up to this point and even considered going new with them. After this experience (no response), I'll never build with them and I would never recommend them either. If the offer was too low in their view - a good "no" response would have been appreciated.

Life goes on...

[ezdriver]

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@topa wrote:

Thanks EZ...

We finally heard back from the bulder's realtor - my realtor basically said the seller's realtor didn't get an answer from the builder - which basically means they don't care about the offer. I don't know what to make of it, but one thing is sure. I had a good view of this builder up to this point and even considered going new with them. After this experience (no response), I'll never build with them and I would never recommend them either. If the offer was too low in their view - a good "no" response would have been appreciated.

Life goes on...

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Just so you know, I am a sales counselor with a national builder. My buyer prospects gets responses in munutes ... regardless of what they offer.

[coterotie]

Just out of curiousity -- why no deadline on the offer?

Whenever I do one, I put a time limit.  Usually give them a reasonable amount of time 24 to 48 hours.  But still a deadline.