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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
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Made an offer...didn't hear...good or bad?
We made an offer Friday afternoon on a house that is an estate sale and is vacated. The entire house needs to be gutted and requires 500K of work. The house is large (almost 4000 sq feet not including basement or garage). We haven't heard anything except an acknowledgement that they received the offer. We also submitted with the offer a mortgage commitment that essentially guarantees us a mortgage if we close within a certain time period.
What do you think? Good or bad?
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Posted 1/23/11 2:23 PM  |
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Prudential Douglas Elliman Real Estate
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
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Re: Made an offer...didn't hear...good or bad?
Our second offer on the home we are currently in contract took a while for us to hear back. I dont remember the exact amount of days, but something like 5 days...felt like forever though.
Since your offer is on an estate sale, it's possible that the seller is actually more than one person in a family that all have to agree on a price. I'm thinking that could stretch things a couple of days until everyone agrees.
Good Luck
Message edited 1/23/2011 3:43:07 PM.
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| Posted 1/23/11 3:26 PM |
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SecretTTCer
LIF Adult
Member since 6/08 2284 total posts
Name:
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Re: Made an offer...didn't hear...good or bad?
There are three people who are involved in the estate. I am hoping that is what is causing the delay. The realtor said there is also another "acceptable" offer that has been on the table for some time but it appears that the people haven't gotten a mortgage yet. So perhaps, they are pursuing that over the last couple of days.
Message edited 1/23/2011 3:29:22 PM.
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| Posted 1/23/11 3:28 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Made an offer...didn't hear...good or bad?
How bad is the house if it needs $500k worth of work?
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| Posted 1/23/11 4:36 PM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
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Re: Made an offer...didn't hear...good or bad?
I don't think it means anything good or bad ...a full business day hasn't even gone by since you made the offer.
I hope you hear soon!
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| Posted 1/23/11 4:47 PM |
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maiden
Whoa!
Member since 5/08 1814 total posts
Name:
T
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Re: Made an offer...didn't hear...good or bad?
I found that the bidding on a house is a lot like the beginning stages of dating: You sit and wait by the phone, not wanting to seem too eager, but yet wanting the other party to know you are interested. And sometimes you just have to wait for that phone call. Your offer may be accepted or rejected, but if you are rejected, you never really know why. Sometimes the other party just gets busy and doesn't have a chance to get back to you yet. Sometimes a lot of time goes by, but then your offer is accepted. You really never know what is going on on the seller's side, so we don't know if it is good or bad that they didn't get back to you.
I know how much the waiting stinks. Hang in there and good luck! Hope you get it!
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| Posted 1/23/11 5:48 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
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Re: Made an offer...didn't hear...good or bad?
Posted by SecretTTCer
There are three people who are involved in the estate. I am hoping that is what is causing the delay. The realtor said there is also another "acceptable" offer that has been on the table for some time but it appears that the people haven't gotten a mortgage yet. So perhaps, they are pursuing that over the last couple of days.
This sounds about right to me.
I've learned from first hand experience that this can either go fast or really slow. When we bought our house, the neg was done in 2 hours. When we had a first offer on ours, it took a good two weeks at least (and then the deal fell through - guy got cold feet when the contracts were put in front of him.) Now I'm about to go into contract again (tomorrow!!! hooray!) and the neg. with this buyer lasted about two days. Everything is relative.
The waiting really stinks no matter which side of the table you're on. I would try to get your mind off it a bit. Nothing else to do on your end until you hear back.
Good luck!!
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| Posted 1/23/11 9:09 PM |
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