Waiting for response on offer

[sleepymouse]

I just made my first offer ever and heard back quickly. It was countered and more than I wanted to pay, so I moved on. I then made another offer on Friday with a different broker. How long should I wait to hear back before moving on? If I change my mind and want to offer on something else, should I email broker and say that I am cancelling my offer? Obviously, I haven't signed anything so figure I am not obligated by just making an offer, but don't want to do something in bad faith.

 

[thanxfornoticin]

I'd give it at least a few more days with the offer you must made. If you put it in on the Friday before a holiday weekend, you might need to allow for a little extra communication time. They might also be waiting to finalize a potential offer from someone else, and are waiting to see if they have a valid buyer before responding to your offer. But if you do decide to put in an offer on a third contract, I don't view that as bad faith. If the current outstanding offer comes back and is what you are willing to pay, then move forward with that and cancel the other. If the current outstanding offer comes back too high with a counter, then you've already opened communication with another owner. I view it as open negotiations. Bad faith is agreeing to the contract with the owner and then backing out last minute. You've made no commitment, just an offer. When I buy a car, I often have 2 offers from 2 different dealerships, and end up buying the one that makes the best sense for me.

 

[tom1944]

Did you counter the original counter?

Follow that contract because if it does not sell you could always go back to it

I am looking to purchase and have been tracking several resorts. I generally see at least four contracts for each resorts that are equivalent to each other

 

[sleepymouse]

I'd give it at least a few more days with the offer you must made. If you put it in on the Friday before a holiday weekend, you might need to allow for a little extra communication time. They might also be waiting to finalize a potential offer from someone else, and are waiting to see if they have a valid buyer before responding to your offer. But if you do decide to put in an offer on a third contract, I don't view that as bad faith. If the current outstanding offer comes back and is what you are willing to pay, then move forward with that and cancel the other. If the current outstanding offer comes back too high with a counter, then you've already opened communication with another owner. I view it as open negotiations. Bad faith is agreeing to the contract with the owner and then backing out last minute. You've made no commitment, just an offer. When I buy a car, I often have 2 offers from 2 different dealerships, and end up buying the one that makes the best sense for me.

Thanks for the advice. I will make an offer on another similar contract and see what happens.

 

[sleepymouse]

Did you counter the original counter?

Follow that contract because if it does not sell you could always go back to it

I am looking to purchase and have been tracking several resorts. I generally see at least four contracts for each resorts that are equivalent to each other

I will keep an eye on it. And the counter to my offer was "final offer" from seller.

 

[tom1944]

I will keep an eye on it. And the counter to my offer was "final offer" from seller.

They hope it’s final offer

 

[RoseGold]

I don't see the problem making another offer the next day. This isn't rocket science.

If they have some kind of estate with 15 people or whatever, that's not your problem. They should have told the agent what they were willing to accept or counter. You can't control for bad sellers, and you keep making offers.

I don't see why you need to follow up that you cancel it, unless you really mean that. I mean, if they accept, you move forward still.

 

[CarolMN]

Consider putting a time limit on any future offers you make - 24 hours, 48 hours, whatever you think reasonable or are willing to wait. That gives you a "clear conscience" to move on, gives you an idea of the service level you can expect from the broker and signals to the broker that you are ready to buy and a serious buyer.

 

[Sandisw]

I always have a 24 hour limit for hearing back before moving on. During thst time, I didn’t offer on any others.