Browse Forums Real Estate 1 Dec 07, 2012 4:44 am Hi everyone, I'm a first home buyer and have made an offer on an investment property. My first offer was 88% of the asking price. I made this offer on Monday. On Tuesday the real estate agent called and said they had another offer coming in and a possible third. This seemed a little odd to me because the property has been on the market for 3 months with only one other offer. But I said ok that's cool. I was asked to increase my offer as they would only take the highest price and I said no, the original offer is it. Since then I've been told the seller as rejected the other two offers based on their finance and that the seller will counter offer me. That was on Tuesday. So I've been waiting 2+ days for this counter offer to come through. My questions are: 1. Can I withdraw my application? I'm annoyed that the seller/real estate are keeping me hanging. I need to know ASAP. Surely the seller knows the price they want. I'm not going any higher than what I want to pay so it doesn't really matter what they offer I will only counter to within my budget. 2. How long is a normal waiting time to wait for a counter offer? 3. Should I call up the real estate to ask what's going on or does this make me seem desperate? (I'm not, just wanting to speed the whole process up as I can imagine there will be another counter offer after this one). Any suggestions are welcomed! Thanks Re: How long should I wait for a counter offer? 2Dec 07, 2012 6:31 am They are stretching the truth about other offers, as I am sure you suspect. I always put a sunset clause in any offer, "this offer ends at COB on xx/xx/xx". If they are saying you will get a counter offer, they have already rejected your offer and you are free to move on. You will need to get it in writing, or an email where they mention the owner will give you a counter offer, or they may "forget"... Ed "ECOECO" At 'EcoEco', we design windows, we design the best windows, we do it for you, so that when you’re happy we are happy. Tel. 1800 326 326 Re: How long should I wait for a counter offer? 3Dec 07, 2012 6:40 am As Ed said- always put time limit. Was the offer made in writing? I'd ring (or write it if your last offger was in writing) stating that the offer ends at 5pm today/tomorrow as you wish to put an offer on another property. Two can play at that game. Re: How long should I wait for a counter offer? 4Dec 07, 2012 7:18 am Thanks for your responses. Yes, the offer was in writing - a contract filled in and signed. Good point about getting the offer of a counter offer/rejection in writing. If I don't hear anything by midday today I'll ask for this. I know everyone's playing games but as this is an investment and not a home (the RE knows this) for me it's all about the numbers - no emotions involved (except me becoming more negative as each hour passes)! 1 13116 Congratulations! Nice to put that to bed before christmas, now you can relax 3 7134 What? It's a lighting question, the control joint is only needed at 12m centres, a bulkhead or change of direction will suffice as a 'break' in the ceiling, just make… 8 8551 |