Seller's response time to offer

[Tanley]

Looking for opinions on this one. We put an offer on a boat 3 days ago and the sellers haven't replied in any way (yes, no or counter). I explained when we made the offer that we were looking to move quickly since the season is coming to a close. I called the broker yesterday and today, and was told both times that the sellers were still thinking about it.

This annoyed me. Should I expect this sort of turn around time or does it seem unusual? I politely told the broker we had to move on to another boat, and if we were still in the market in the Spring we might be in touch.

Didn't have this problem on a previous offer (response time was within an hour or two). Next time I'll put a 48 hour expiration in the P&S, just didn't think it would be necessary. Chalk another mistake up to the newbie

[Faster]

Three days with no response whatsoever from the seller (esp via a broker) is pretty rare in our experience. There's usually a pretty quick comeback initially - if there's no immediate agreement then sometimes days, weeks or even months later the seller might reconsider and try to get back to you.

But we've always had pretty immediate responses and back & forth negotiations rarely took more than a day or two once all the survey information was in.

Hopefully this one wasn't "THE" boat for you.

[DrB]

If the seller is out of town or the boat is owned by multiple parties, then that could be a reason for the delayed response.

If this deal falls through, next time put in to offer, "Offer is only valid for 48 hours" or some other clause like that specifying a time limit. This shows both the broker and seller you are looking for an immediate decision and not to be played in a bidding war.

DrB

[merc2dogs]

Keep looking. The seller may be waiting to see if they get other offers, or attempting to give the impression that they aren't motivated to sell it.
A ploy that sometimes works, mostly though,(when used on me) backfires. I've had several late responses to an offer, on several occasions they've inadvertantly given me a bargaining chip to get it lower than my first offer.
(What? Oh yeah, You mean that boat! Well, I haven't heard from you and I'm talking to someone right now about a different boat, can I call you back when I'm through?)

Ken.

[bubb2]

Call the broker and with draw your offer, chances are that will get a response.

[chris_gee]

It is a written offer with no time clause. My understanding is that it remains binding on you until rejected or withdrawn by you in writing. You can withdraw it in writing and substitute a new time limited offer. A verbal withdrawal is not sufficient.

[JohnRPollard]

Originally Posted by chris_gee

It is a written offer with no time clause. My understanding is that it remains binding on you until rejected or withdrawn by you in writing. You can withdraw it in writing and substitute a new time limited offer. A verbal withdrawal is not sufficient.

If it is a standard brokerage P&S agreement, it should contain a "Time is of the Essence" clause, which while somewhat nebulous is interpreted in the U.S. to require a response within a reasonable time period, or the offer becomes void. But you're right, the best way to withdraw the offer is to to do it in writing.

Since it's not a case of the sellers being away on vacation, etc, call the broker tomorrow and tell him/her your offer is withdrawn if not responded to by close of business. Then if no reply is forthcoming, follow it up with a fax cancelling the offer.

[doubleeboy]

When we bought our boat last winter we asked if owner was available. When told yes we made offer valid for 48 hours, with understanding that our 10% deposit was to be returned at that time if negotiations were not proceeding.

When they counter offered we were given 48 hours, when we counter offered again same deal. It took 5 days till we had come to agreement. Then of course the survey and sea trial, where we beat em up on price some more.

michael