Offer submitted almost a MONTH ago with NOTHING

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Offer submitted almost a MONTH ago with NOTHING

John Park
Investor · Lewisville, TX · Member since 2017 · 21 posts · 48 votes

I submitted an offer for a SF almost a month ago and have heard nothing but 'We'll get back to you soon' from the seller's agent. I am wondering what her definition of 'soon' is...

It is for a conventional sale, not short sale or foreclosure. Basically, I am wondering what I should do at this point, whether I should put a deadline on the offer and risk losing the house if they seller finally decides to look at the offer 'soon' after I have retracted my offer or if I should just keep waiting and waiting not knowing how many offers this unresponsive seller has sitting on the table. I think that my offer is pretty strong, but it is starting to get on my nerves more than anything else as I am not desperate to buy the house, it just fits my criteria and is listed at a reasonable price. It has been on the market for almost 50 days now in a market that moves houses like this in a week or less.

Any feedback and advice would be appreciated!

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Tom GimerBusiness Member
DMV · Member since 2017 · 3k+ posts · 3k+ votes
8y

Next time put an expiration date for your offer and you won't have to deal with this amateur behavior.

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  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    8y

    I definitely would contact the agent and tell them you need an answer or you intend to move on and look elsewhere. It has been more than enough time for a yes, no, or counter. 

    1Reply
  • Carson Wilcox
    Davis, CA · Member since 2016 · 595 posts · 344 votes
    8y

    Yeah, agent is being a dope.  Touch base and tell him the offer stands but you need an answer asap or you will pull it.  See what they say.  sounds like a seller not serious about selling.

    2Reply
  • Brian Pulaski
    Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
    8y

    Are you able to submit offers on more properties while this one waits for a response? If not, give them a deadline asap. If so, maybe less stress but I would still give them a deadline. Let them know your offer is off the table in 24 or 48 hours. If no response, move on.

    1Reply
  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    8y

    Next time put an expiration date for your offer and you won't have to deal with this amateur behavior.

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  • Erik Perks
    Herrin, IL · Member since 2016 · 51 posts · 15 votes
    8y
    I would recommend a 24 hour expiration on all offers going forward. If you are going in to a week or a holiday you could do 48 hours or the close of the preceding business day (5pm). I have had two instances recently that after a non-response from the listing agent they come back 3 weeks later after their other offer falls through and determine if you are still interested. When that happens you have more power than you did because you now know you have their highest and best offer.
    2Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    I suspect its in the boiler plate of your contract that the contract unless accepted countered or declined automatically expired ...

    so its probably expired right now.. unless you signed an addendum extending the time for acceptance

    @Tom Gimer  in hot buyers market back in 08 to 2010 I would get offers on my OREO inventory that gave me ONE HOUR to say yes or NO.. LOL how times they be changed... it really depends on what side of the market pendulum we are on..

    now in  a sellers market you can do this stuff.. but as I stated in all the contracts I see in all the states I work there is a time limit right in the contract if not accept etc it automatically expires no one needs to do anything .. same with this buyer he could be sitting on an expired contract and not really realize it.

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  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    8y

    @Jay Hinrichs Quick search tells me as of '08 TAR forms did not have auto expiration. Not sure about current forms... OP needs to look. 

    Withdraw the offer.

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  • Jen Harwood
    Rental Property Investor · Boise, ID · Member since 2017 · 35 posts · 22 votes
    8y

    I agree with the points that have been said - definitely put an expiration of 24-48 hours on every offer, or risk the other agent shopping your offer in the hopes someone else will submit a better one. 

    I understand your concern about the seller finally deciding to review offers after you retract it, but I would be very surprised if the seller hadn't seen your offer already. If the seller and agent are serious about selling the house, waiting for a better offer seems like the only reason (aside from some other unforeseen family circumstances) that they would delay responding. 

    Since you submitted your offer, every buyer's agent that has called on the house has heard, "Well we have an offer on the property, so any offers need to be best and final." Luckily for you, it sounds like nobody has submitted a better one yet, so draw a hard line and move on if you need to! If it doesn't work out now, it may come back to you later, and your negotiating position will be even better.

    1Reply
  • Account Closed
    Investor · Princeton, TX · Member since 2014 · 1k+ posts · 1k+ votes
    8y

    @Jay Hinrichs   @Tom Gimer   It is traditional for the boiler plate contracts in Texas not to have a built in expiration date.  In general I would certainly suggest buyer add on.  I would also suggest it is put in using a specific date and time.

    @John Park  What percentage of the asking price did you offer?

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    @Account Closed  good to know and what I love about real estate its all regional.. its built right into our start PMAR forms.. Carry on !!!

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  • John Park
    OP
    Investor · Lewisville, TX · Member since 2017 · 21 posts · 48 votes
    8y

    Thanks for the feedback so far everyone! It has definitely been frustrating seeing other potential deals pass by because of this one being in a holding pattern. The seller is a 'community action center' and they have several houses on the market concurrently that all seem to be in the same situation, come to find out. Turns out another house that I viewed on the same day was one of theirs as well and is also still sitting there as 'active' after almost 2 months. I am seriously considering putting a hard deadline on the offer.

    0Reply
  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    8y

    @Jay Hinrichs Hey you raised a valid issue to look into... state to state.

    I just read an answer from somebody else on another thread that is blatantly wrong in all 50 states and Canada.

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  • John Park
    OP
    Investor · Lewisville, TX · Member since 2017 · 21 posts · 48 votes
    8y

    @Michael Biggs I offered 140K on asking price of 150K.

    0Reply
  • John Park
    OP
    Investor · Lewisville, TX · Member since 2017 · 21 posts · 48 votes
    8y
    Originally posted by @Account Closed:

    @Jay Hinrichs   @Tom Gimer   It is traditional for the boiler plate contracts in Texas not to have a built in expiration date.  In general I would certainly suggest buyer add on.  I would also suggest it is put in using a specific date and time.

    @John Park  What percentage of the asking price did you offer?

     I offered 140K on a 150K list

    0Reply
  • Amy A.
    Portland, ME · Member since 2012 · 616 posts · 550 votes
    8y

    Since it's being sold by an organization, they probably have to wait until the next board meeting to go over offers.  It may have been nice for the listing agent to tell you this up front, but he might not have their permission.

    2Reply
  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    8y

    @Amy A. I'm having trouble thinking of a better reason to call a special meeting.

    But if this were truly the case, the listing should have clearly stated "submit all offers by X date" -- with X date being the day before said regularly scheduled meeting.

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  • Mike ReynoldsPro Member
    construction · Nacogdoches, TX · Member since 2011 · 2k+ posts · 1k+ votes
    8y
    Originally posted by @John Park:

    Thanks for the feedback so far everyone! It has definitely been frustrating seeing other potential deals pass by because of this one being in a holding pattern. The seller is a 'community action center' and they have several houses on the market concurrently that all seem to be in the same situation, come to find out. Turns out another house that I viewed on the same day was one of theirs as well and is also still sitting there as 'active' after almost 2 months. I am seriously considering putting a hard deadline on the offer.

    Do you mean community action center like in the DOE funded center? Or just a local type center? If the former I want aware they had housing stock. 

    0Reply
  • Account Closed
    Investor · Princeton, TX · Member since 2014 · 1k+ posts · 1k+ votes
    8y

    @John Park  With it being that kind of organization you are just going to have to talk to the agent and ask.  They should have included more details in the listing.  Ask your agent if there were notes on the listing that mentioned a long time to close.

    0Reply
  • Account Closed
    Downers Grove, IL · Member since 2017 · 366 posts · 165 votes
    8y

    Weird, reminds me of a fellow that asked a girl out on a date, she told him "she had to walk her horse".

      There is more than one way to say no. 

    0Reply
  • Jacob Villalobos
    Whittier , CA · Member since 2013 · 176 posts · 96 votes
    8y

    If its a sellers market (as mine is) I would expect to see agents slow to pull the trigger.  Sometimes if you wait a day or two you can get another offer for 10-20k more.  They are waiting for a better offer...

    0Reply
  • Ian WalshBusiness Member
    Lender · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
    8y

    Follow up.  Call the agent.

    0Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    8y

    @John Park every offer needs to have a written expiration. The tighter the time line the better. I have given less than 24 hours in many cases. Giving someone lots of time to think about it, only works in their favor. At this point, I would send them something in writing that states you are rescinding your offer. You would be surprised how taking something away can motivate people. You are likely to get a call back, asking if you would reconsider. If they do that, put an offer in writing and give them less than 24 hours. Tell them no problem if they are not interested, that you will move on to other opportunities. If they don't respond to you rescinding your offer, just move on. Wait until they make a price drop, then resubmit an offer for less than your current offer.

    I have seen properties sit for months and not sell. Then go on the market the next year, only to sit for several more months. This is all a matter of seller motivation. Vacant properties and price drops are a sign of motivation. Some people are just fishing for a good price which is a waste of your time.

    1Reply
  • James Canoy
    Kingston, NY · Member since 2017 · 252 posts · 138 votes
    8y
    Contact the agent. What can it hurt? Make multiple offers anyway. Most of them won’t be accepted.
    0Reply
  • Mike CumbieBusiness Member
    REALTOR® · Brockport, NY · Member since 2015 · 3k+ posts · 4k+ votes
    8y

    As others have said always have an expiration date. You can make it whatever you are comfortable with. I have had some with months on it (Let them know the lowball offer is standing). I have also set for 4 hours (Day 1 on market and I know another person is coming to look in 4 hours).

    In your case I would write a letter rescinding your offer. Then resubmit with a specific expiration date. I would also have your agent ask them how long they need? Are they waiting for a meeting? Are they just shopping offers etc? But make sure they give something or I wouldn't bother. Your 140 out of 150 is the type that at least warrants a response (IMO). Now if you submitted an offer at 75K on a 150K and I was the sellers agent I would drag you along on ignore until I got bored. But 140 is at least a conversation starter.

    Good Luck!

    1Reply
  • Bart H.
    Dallas, TX · Member since 2016 · 1k+ posts · 745 votes
    8y
    Originally posted by @Brian Pulaski:

    Are you able to submit offers on more properties while this one waits for a response? If not, give them a deadline asap. If so, maybe less stress but I would still give them a deadline. Let them know your offer is off the table in 24 or 48 hours. If no response, move on.

     He should be able to, assuming hes done an standard offer with an option period.

    In Texas there is usually a 5-10 day option period, usually for the cost of $100-200.  Where you can cancel an accepted offer for any reason.

    So even if they accepted you could just terminate the offer.

    Having said that, usually we give a 24-72 hour expiration date on the contract.  If the offer isnt accepted by then, its null and void.

    I would get on the horn with my real estate agent and find out why he hasnt heard back from his agent.  

    Honestly, I suspect the sellers were not interested in the offer and just ignored it.  I would seriously consider a new agent, because the OP  shouldnt have gone a week without hearing back on the original offer.

    0Reply
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