How Long Should You Have to Wait for the Vendor’s Reply Before You Disregard It?
Your Dream is Real Now!
You may not have thought of this question before, but you should know how long you can wait after you submit your offer to buy a house. You do not have to wait a lot so as not to miss the opportunity to buy another better house. The real estate owner may negotiate with another vendee at the same time while you are waiting for nothing.
What happens after you submit your offer to the vendor?
As a rule, the vendor starts to compare your offer with the other provided offers, thinking about the displayed payment methods and asking himself about the best method whether to paid in cash or to accept installments, with the aim to gain more profit.
Of course, the vendor must think about the best offers and compare them according to the house specifications in terms of the place, the finishing and the floor area.
How long do you have to wait until you get an answer to your offer?
Mostly, you have to wait two or three days and then you can call him back to know his answer. Sometimes, he starts to negotiate with you on the offered amount and the payment method, there, the approval takes more than three days.
What happens if there are other offers?
As we said before, you have to consider the possibility of the existence of several offers from more than a prospective vendee. Some of these offers may be better than yours and in this case; the selection of the vendor to you depends on several reasons:
- The value of the offer you introduced and if it is better than the rest
- The payment method; Is it in cash or in installments over a short period?
- The impression you give to the vendor when you meet him, he might accept your offer because you seemed to be serious in buying the real estate and assessing its capabilities
What might increase your opportunities to own the real estate?
Did you think about what you can do to increase your opportunity to own the real estate?
You can value the estate according to its location, types of finishes and its own view and compare it with the surrounding real estate in the same area, or you can use real estate estimating service by Aqarmap to know the approximate value of it.
Talk frankly with the vendor about the advantages and disadvantages you see in the real estate where if it is valuable to the vendor, your negative attitude with him may decrease your chances to win your dream house.
You can discuss the suitable payment methods to you with the vendor whether it is in cash or in installment. It is not preferable to introduce an illusory offer and changing it later as this behavior might make the vendor reject your offer and accept another one.
What happens if the vendor accepts another offer?
You should bear in mind that the vendor might accept another offer form another person as everyone has a certain need of money or payment method which you may not be able to fulfill, there, you should not be disappointed as you can search for another real estate.
The vendor might accept another offer that suits him/her more, and here, you should not be depressed and keep looking for another new real estate.
If the vendor accepts your offer after rejecting it, you can negotiate the price with him but not overly, so he would feel that you are not serious, and then dismiss you. Then, you should start checking the real estate condition and what it needs of reforms and renewals, even if the apartment is fully finished, you should pay attention to all details and consider carefully whether it worth to invest in it or not.