Made Offer - when would you expect response.

Irish Rover

Irish Rover

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I made an offer on a boat last week. Broker acknowledged, said passed it on etc. Nothing since. I expected a response in a couple of days, even a holding response, if they have other interesed prospective buyers. What's a reasonable time within which to expect an response?
 
For an offer that us being treated seriously I would expect a response in 2 working days. If can't contact owner, then a holding reply to keep you posted.
If an "insulting" offer, 3 months to never.
Danger is that the silence is because the broker has put your bid in front of their preferred buyer, and trying to get them to match yours.

Good practice is always to put a time limit on your offer when it is made.
 
Probably as quickly as the broker can contact the seller with the offer, but you would expect that if the broker is having difficulty contacting the seller being the efficient and effective people that they are they would have communicated back to you, in a timely manner, the current situation which I would expect to be a couple of days.
 
Its a test - to see who blinks first. If you are keen and chase it up you'll pay more. If he was worried about you going elsewhere he'd reply quicker.

If it was a formal offer, always good to put a time limit on it, both for initial acceptance and completion. Nothing to stop an "I assume my offer was not of interest so will look at other vessels" reminder.
 
Irish Rover said:
I made an offer on a boat last week. Broker acknowledged, said passed it on etc. Nothing since. I expected a response in a couple of days, even a holding response, if they have other interesed prospective buyers. What's a reasonable time within which to expect an response?
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In my view that reasonable time has already passed. (Though in my experience of brokers, such failures to respond in a timely manner, or even at all, are typical.)

If I were you I would contact the broker again to chase.
 
ylop said:
Its a test - to see who blinks first. If you are keen and chase it up you'll pay more. . . .
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Broker or vendor may think that, but they'd be unwise to do so. Just because you chase doesn't necessarily mean you're willing to be flexible on price - that remains within the buyer's control. In the meantime they risk losing a sale (and the broker probably won't be the first one you contact when you want to sell).
 
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Thanks for all the replies. I wasn't sure if I was being unreasonable expecting a response in a couple of days. I didn't want to appear over keen by contacting the broker too soon. I'll give it to lunchtime tomorrow and contact if I hear nothing by then.
 
Its always a question of balance ... keen so seller doesn't walk away hoping for someone else .. but not so keen that he thinks you are on the hook ..

It also depends how long boat has been on the book ... if its been for sale for lengthy period .. I've usually found its because seller is not interested in offers. When brokers offer free standing - that can be a significant 'wedge' the seller is no longer forking out for - marina fees etc.
 
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I experienced 3 weeks. It was a lower offer than they expected, but was justified. The broker called me, 3 weeks after offer, and wondered why I put in a low offer. I explained why and said that I was expecting a reply sooner. There was some debate around my reasons for the low offer but it was accepted the next day.

Don’t be desperate, was my take away and be prepared to walk away. The UK economy was tanking then, old boats were valued at high prices based on past reputations, end new boats were low cost.

That’s my experience. Good luck with your offer and purchase.
 
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