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We were a little different. We put an offer in on a house that was owned by a relocation company. It was grossly underpriced, so we put in our first offer at asking price. We were in a bidding war with 2 other couples and they asked us for our best and final offer, and by the grace of God, we won out!
I have to say though that we looked at over 100 houses over the course of a year. So it was a long time that we had started and finally settled on our home.
Good luck on your offer!!!
I haven't had an offer accepted yet but we've put in two offers. One we were outbid on and we were super devastated about it. It took pretty much five days from seeing it, to the offer, to the competition, to the decision. The one currently in has been on the table for a little over a week with really no communication from the seller. Pretty much with that one we're giving them until Friday (which is actually longer than our realtor wants to wait) to respond and if they haven't, we're withdrawing the offer. We just want some kind of response (accept it, decline it, counteroffer, something). So that's where we are right now.
@mandb122: Are you well below asking price? Sometimes sellers are offended by an offer and won't even respond to it if it's too low.
@2PeasinaPod: It's not the price actually that they have a problem with. It's a short sale that's been on the market for over 400 days. We're $3,000 below their last accepted offer ($8,000 below asking which is a lot for our price range but fits with similar properties) but they wanted us to close by February 21 which is way too soon for us (with giving notice of our rental plus allowing the bank to get everything together).
We wouldn't even care if they gave us something back but they haven't even communicated with us at all for like five or so days and our realtor has called them/emailed them a couple of times.
Short sales will take longer. Once the owner accepts the price, then the bank has to accept it because basically the bank is allowing the property to be sold for less than the balance on the mortgage. I've seen short sales take weeks, some people say months but I haven't seen it.
With our most current home we placed an offer in the spring and it was declined within 24 hours. We waited 6 months and then gave the exact same offer we did the first time and they accepted within hours.
Good luck, home buying is so exciting but it sucks to have to wait!
@mandb122: Ah...I find that short sales are anything but short! A few friends have gone through them, and they've taken months to even get a response from sellers. Hang in there and hope something comes about for you soon!
We put in 2 offers. The first one was really low/below list, but fair, considering what other houses were selling for. The owner countered with $5000 off list, but there was still too much room between what the owner wanted and what we thought was fair, so we walked away. That offer took around a week. Our second offer was accepted a few hours after we put it in; the owners really wanted to sell.
We looked for houses actively for under a year, so I think the answer to your questions is "it depends."
About a year ago, we made an offer on a home and it took the seller a full week to respond to us. We offered full asking price because it was underpriced and there was a lot of competition on it. We entered contract, but it fell through before closing.
So when we made an offer on our current home this past October, we made it with a stipulation that the seller only had 48 hours to respond or it wasn't good anymore. They responded the next day with a counter, then we waited a full 24 hours and increased our price slightly, but not to what they were asking for. They accepted immediately and we found out they were in a huge rush to close - so waiting that 24 hours to get back to them worked like a charm. I have to take credit for it, it was my idea to wait while DH was dying to respond immediately! :)
@mandb122: Yeah - as some PPs said, short sales can definitely take a lot longer. My parents bought a vacation home that was a short sale and it literally took 2.5 or 3 months between when they made the offer and it was finally accepted because not only do the sellers have to okay it, but the bank that the mortgage is through must also okay it and the banks don't often make that call very quickly.
@DaisyCakes: Thanks for this thread. Dh and I are just starting our house hunt so I'll be watching to see what others who have been through it have to say.
@Mrs.KMM: We'd be totally fine waiting on the bank but the seller for a couple of days kept asking if we were sure we couldn't move up the closing date and now they haven't even contacted us back.
Thanks for the info! I figure that it totally depends on the situation. It's a totally exciting and nervewracking process. :P The house we put an offer on is not a short sale, so hopefully we hear something back soon.
We made 8 offers before we got one that stuck. Ironically enough we are supposed to be in one of the most depressed housing markets in the country - I beg to differ. 3 of our offers we lost in a highest and best situation where the house ultimately went to a cash offer, in most cases 20-40% over asking. Ridiculous!
2 offers the seller refused to counter because they were offended by our offer, mind you we never went in less than 15% below asking which is NOT offensive people. Karma got them, both those houses sold for 30-50K under what we offered.
We had one offer accepted outright, went through the inspection then the sellers bailed. That one stung.
And finally we got our house that we are so thrilled with! :)
I can be an annoying process - just try to remain rational and level headed! Dont get carried away with prices and have a realtor that is willing to out you in check if you start getting emotional!
@jboltz19: That's a long process. Yeah, the inventory has dropped in our area and houses are selling faster and faster. It seems like people are getting on board with being homeowners now since it is a buyers market.
I'm guessing that the sellers of the home we put an offer on are waiting to see if any other offers come in before responding to ours. We made the best offer we could considering there haven't been any other offers that we're aware of. Ugh, I hate waiting.
@DaisyCakes: The waiting is seriously the worst part. It's looking like we might get an answer from the seller today though after a week and a half.
When I bought my condo back in '07 (RIGHT before the real estate bubble burst 
), I submitted offers on 2 places before my condo, so a total of 3 offers. The sellers usually got back to me with a day or 2 with a counter.
For the place I bought, I think the sellers and I went back and forth about 3 times before settling on a price and conditions. It was such an exciting/nerveracking/frustrating time.
And I know what you mean about getting attached! I still think about the 1st place I didn't get. Top floor, wrap-around balcony, vaulted ceilings, awesome! But the seller had intentionally set the price low to start a bidding war. It was so disappointing!
@mandb122: Good luck! Yeah... we hope we hear something too. We seriously put an offer in right after it was listed. Homes have been selling within the week in this area. I'm thinking they might wait til after the weekend so others have a chance to view and make ofers. I'm also thinking that I overthink everything... but I knew that already. This is almost as bad as "waiting" for my proposal. lol...
@DaisyCakes: The house we have an offer in on isn't a traditional layout for the area plus it's a short sale so it's been on the market over 400 days. So for us and even their real estate agent, we're pretty much wondering why they won't take an offer when it comes along. We actually don't mind the layout and it works really well for a first time home because they bought it to flip it so everything is new (roof, air, heat, appliances, floors, everything).
@mandb122: Sounds like an awesome home! Hopefully they get back to you soon! I can't imagine why they'd wait long. I'm almost thinking of retracting our offer and resubmitting with a 24 hour expiration. If they want to sell it they need to respond to a serious buyer. But then I'm afraid of doing that and losing the house all together.
Ours was a short sale, and hugely underpriced. So we offered *almost* asking price, they didn't accept it, so we met them halfway. It was really more of a pride thing (ha) because my grandparents always said to never pay full asking price for a house. Lol. It took about 3 weeks for the whole process to pan out, and then we had to wait on paperwork and closing BS. I was pretty anxious by the end of it because our lease was running out. Lol. Not fun!
we had a deposit down in a new development and retracted that, and then offered on a home that I wasn't a fan of. Thankfully we were outbid and then we offered on the current one and got it! Things always work out for a reason. :)
Update! So there are multiple offers on the home we were advised by our realtor to adjust our offer. We decided to raise our offer 3,500, which is still within our price range. We should have an answer tomorrow! Excited and nervous! Need "house dust" please!
@DaisyCakes: House fairy dust to you!! Xx If only that worked for laundry...........
@DaisyCakes: Good luck!!
I'm kind of shocked to hear that some of you are waiting days to hear back from sellers. I suppose that I've been spoiled with our fast moving market. Most offers here are only good until the end of the day. Of course things can drag out with sign backs but we have such low inventory that everything goes very quickly.
@DaisyCakes: Yay, congratulations!
I was actually coming to update to say we got our house too! Now we're just waiting on the bank to accept it so hopefully they won't take too long.
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Hello bees!
FI and I are first time homebuyers and are searching for a house. We just put an offer in this last weekend on a beautiful home. I know you shouldn't get attached to it emotionally, but it's so hard not to.
My question: What was your experience like? How long did it take for them to get back to you? Also, how many offers did you put on one home or on how many different homes before your offer was accepted.
Thanks guys :)