How Long Does a Seller Have to Respond to My Offer?
Seems the ink has barely dried on an offer before my buyers ask me, "How long does the seller have to respond to my offer?" Some buyers may be under the impression that sellers have twenty-four hours to respond to the offer. I can assure you, there is no such time frame in Northern Virginia real estate.
One of the statements in our Northern Virginia Real Estate Contract is that "time is of the essence." What the heck does that mean? Your guess is as good as mine. As a Listing Agent, when I get an offer, there is a certain prioritization of getting that offer to the seller. Some agents may feel that their trip out of state for the weekend trumps the offer and present it when they get back two or three days later.
My best advice is that if you have a time frame in which you want, or need an answer, put an expiration date and time in your offer. And be specific. Don't say, "This offer expires in 24 hours." Starting when? It's better, for instance, if you are writing an offer at 6pm on June 1st to say something like, "This offer will expire, if not accepted or countered by seller in writing, at 9pm on June 2nd."
Consult your own agent for their opinion on whether or not a deadline to an offer is a good idea. In some circumstances, they can be counter-productive.
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