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Offer on lot - is this normal?
We met with our realtor to place an offer on a lot last Friday, December 30. We wrote in the agreement that we wanted a response by Tuesday, January 2. I figured we'd put in a couple extra days because of the holiday weekend.
It's now late on Thursday and we haven't heard anything. 6 days with no response. I've texted our realtor twice (yesterday and today) and she found out the developer just got back from out of town. Am I out of line thinking that we should have a reponse by now? Do we have any recourse besides pulling our offer?
A bit of background - We did go in a couple thousand under the asking price (normal for our area). The lots have been on the market for 5+ years with multiple lots open on the street. We're hoping to get it for 1-2K under the asking price, but are willing to pay full price if needed.
Re: Offer on lot - is this normal?
If he just got back in town, give him at least a couple of days to get back into the office and catch up on things. You indicate that you "put in a couple extra days because of the holiday weekend," but you submitted your offer on a Friday and wanted a response on a Monday. A Monday when most people weren't working, for that matter.
I'm not sure what type of recourse you think you would have. You can't force someone to respond to you and complaining to the developer will only make him mad and less likely to accept your offer (or respond to it at all). As for pulling the offer, you would need to ask your realtor, but isn't it expired anyway? I suppose it depends on if the language was that you "would like a response" by the 2nd or if it was that "the offer expires" on the 2nd. Either way, why would you revoke your offer if you still want the lot? It sounds like your realtor checked in with the developer and determined he just got back. That's all s/he can do.
Honestly, I think you just need to relax. If these lots have been on the market for 5+ years, obviously the developer is in no hurry to move them and it sounds like there is a surplus of lots, so you shouldn't have to worry about a bidding war.
You put an offer in over a holiday and a weekend and are upset that the developer went on vacation?
If his delay has changed your mind about wanting the lot, then move on. If you still want the lot, what good does it do to complain about the delay? I guess I just don't see how this is a big deal in the grand scheme of things.
I know you are excited and waiting is hard, but I don't think this is worth making a big deal about.
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Seriously? I know a lot of people who take off between Christmas and New Years so he might not have been in the office for that entire time to even see your offer come in on December 30. And even if they don't go away the entire time, they might take some more time off at one of the holidays and extend their vacation either direction, leaving them out of the office.
If you're going to walk over something like that, then walk. But I think you're out of line thinking that you should have received a response back when you knew that it was a holiday weekend, especially since you said you put a deadline of by January 2.
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Thanks for all of your replies. I realized that I wrote the wrong date in my post - we wanted to hear by Tuesday, January 3. We needed to hear that day in order to lock in at a lower interest rate with our lender. Everything is all set with the builder - this was our final step!
We found out tonight that the developer's realtor is the one that dropped the ball. We were never told that he was out of state (apparentely standard practice). Even though he's back in town, the realtor wasn't going to apporach him with our offer until early next week.
Our realtor talked to them and hopefully we'll hear somthing tomorrow! I guess I'm just used to making an offer on a house and actually hearing by the date in the sales agreement...
If I may say, with complete respect to you, expecting a response between those dates from a developer isn't terribly realistic. I'd be surprised if they were open at all during that time. To them, it is business and to be dealt with during normal business hours. They wouldn't come in just to respond
If the deadline has passed and they haven't responded, there is nothing to do. The offer does not need to be 'pulled' since it has expired. If you are still interested, I would ask your Realtor to contact them again. If necessary, you can always resubmit your offer.
Sorry, but developers selling land just don't have the same emotional urge to get it done as a private seller.
Hope that helps and best of luck!
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Anyway, we put in our offer 10% less than asking which is pretty common.
It took the developer forever to respond, they agreed to the price as well as some requests we had (needed to finish clearing tree stumps, needed to put up signage for the private street/development, needed to get the HOA put together since there were multiple lots on this private street, and so forth).
They were given 8 weeks to comply with the terms (we spent that time designing our home with the architect). By week 6 we saw NO progress ... nothing had been done and they had yet to submit to us HOA for review.
At week 7 we began the process of backing out (our contract had been written so we could back out with no financial penalty). They never even tried to keep as a buyer of expensive land they had been sitting on for years.
IN the end it worked out for us - we found a better lot of land with our builder.