Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Bidding war update
So the buyers didn't get any other offers yet. However they want to wait and see if anything else comes in. They are not willing to negotiate at this point at all.
Re: Bidding war update
Did you put a expiration on your offer? If you didn't, can you add one? How long do you want to wait?
Sorry for all the questions, but it seems to me that they are dinking around. It's not really fair for them to string you along.
They need to make a decision. This is what selling a home is all about (DH and I just went through it). Sure, as a seller you'd love for something better to come along, but do you want to risk it and have your existing offer walk away? It seems that they are willing to let you walk away...
So they haven't accepted or declined? I would defo speak to your agent and let them know you need an answer by a specific date.
I thought there was usually a 24-48 hour reply time where they had to accept, deny or counter?
I'm pretty sure there is only a deadline if the buyer writes one in to their offer. Not doing one means the seller can take their dandy old time.
Gotcha.
Hopefully a deadline can be written it
Didn't they **just** list their home this week? If so, I think it's reasonably for them to stick to their full list price for a bit longer, especially if they've been having a lot of showings/interest.
I know we would not have been prepared to negotiate on price right away.
I think it was listed within the last 1 1/2 weeks if I recall. I agree (having been on the selling and now the buying end of a RE transaction within the past 3 months) that it's tough from both angles. It is litterally a guessing game wondering what will come along as a seller and wondering how much effort to put into an offer as a buyer. I think it might be fair for the buyers to give the sellers a few days in this case. I think three would be fair. But beyond that, the sellers either need to go with this Nestie's offer or say, "no thanks" to her. It isn't right for them to keep her on the hook to suite their needs for too long. Meanwhile she could be looking at other homes and be putting in an offer on something else, but they kind of have her hands tied right now.
I think what I would do that this point is let them know that you are continuing to look at houses and to let you know if they decide they want to negotiate with you, but you can't promise you will still be there. Maybe if they go a bit without other offers they will come back.
Unless there is an expiration, I believe their offer is good until they withdraw it. That means they can't put an offer on anything else, which is a hook.
I would go ahead and withdraw the offer and ask them to let your agent know if they become interested in negotiating. At this point they can use the fact that there is an offer on table to create a bidding war situation, which is no good for the buyer.
I agree! I look at them not really getting back to you as a no. When we list ours, we won't accept anything less than full price for the first couple of weeks. But I would also hate to give someone a firm NO if they didn't give me a deadline, in case we didn't have other offers.
So if they find another house they want to put an offer in on, they do, and if it's accepted, they withdraw the offer on the first house.