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The buyer gives a very short time for offer acceptance.

I have been noticing a trend over the past few weeks put extremely short times for accept ace on all offers, normal seller owned, REO and short sales, the logic is that if the seller responds outside the time the offer is dead.

Who does a tactic like this help, in my opinion it hurts the buyer, we are in a competitive market in the Phoenix metro area at this time and if there is no way to have a response in time the offer will not be acted upon, so by the buyers agent playing games to force a answer the buyer will loose out out on a home.

My sellers have instructed me not to play games like this, if we get a unrealistic acceptance time it is sent back to the agent with the request to have a realistic acceptance, why? so we have a chance to get a offer that will work accepted.

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Posted by Andrew Monaghan CRS, GRI, EPro Associate Broker on 08/08/2009 12:50 PM

Comments (10)

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10 Comments on The buyer gives a very short time for offer acceptance.

AUG

We usually have 24 hrs for acceptance in our market, however if after speaking with the listing agent, we find that the sellers are out of town, have several sellers to speak with, or something else of that nature, we can be flexible (somewhat) on the time frame. In this day and age, with fax, email and cell phones, 24 hrs should be enough. I tell my sellers the sure way to get an offer is to just go on a cruise! LOL

We usually have 3 days but there are times when I am dealing with either an out-of-state buyer or an out-of-state seller where we actually have 7 days to get acceptance back to the buyer.

Hope your offer gets accepted. Waiting for an offer is the hard part.

Andrew: Situations like these have made me question the whole idea of "buyer's agents" since the concept first came upon the horizon. Too often those who call themselves "buyer's agents" come in with "guns drawn"... and try and get tough, demanding all sorts of nonsense from the sellers. I am guessing that it is either their egos, or they just feel than can get more business by showing off." Unfortunately, it oftentimes hurts their own buyers.

@ Dick and Dixie: In the DFW market... I am afraid that most offers that come in demanding acceptance within 24 hours... will simply get rejected... period. Sellers do not want to be forced... pushed into a corner... by some over-zealous buyer's agent. They won't put up with it, and I don't blame them.

Do you allow more time and give the seller a chance to collect more offers or do you allow a shorter time period and risk not getting an answer and the offer expiring? It all depends on the circumstances, am I'm dealing with "normal" sellers, a lender/bank, are they local, is the weekend coming up? Every offer is different.

There should be a way on the cover sheet if the offer is faxed to request response in a timely manner without making it do or die. Of course when you follow up the fax with the phone call you'll get the right information.

We are seeing this trend as well -- had one this week with a 2 hour window -- wow!

AUG

I agree that many buyers agents out there are getting gimmicky with their offers. Must be frustrating for you with as many homes for sale as you have, maybe you can put on the pre offer submission notice to give you at least a certain amount of time for offe acceptance, even though I know many agents dont bother to read those.

SEP

Andrew: there is no point of putting a short time of acceptance for REO's.I am sure your area is similar to mine for REO's policies. lenders respond mostly within one day to 5 in my area. The trick is with short sales and I can understand why buyers would be frustrated as some take for ever to respond.With a regular sale, non short sale and REO, the standard is about 1 to 3 days to respond.True, some buyers are unreasonable. I agree with Silvia, it depends what you are dealing with.Thanks for sharing.

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