How much time should we give the seller to answer our offer?

Richard, I always talk to the listing agent first to see how long they think the sellers will need to respond. Like you, I'm not trying to rush them but I do want the buyers to be free to make an offer on another property if the sellers do not accept or counter. 

Richard, the default expiration of an offer written on the California Association of Realtors form is 3 days.  I usually ask the listing agent how much time the seller needs and in a "normal" market I pad it 24 hours so the seller doesn't feel pushed.

Good morning Richard. Interesting my friend. Every state is different. In my experience sellers who don't respond within a day or twohave their own agenda and that generally is not a good thing.

Richard, And lately we're seeing more and more offers just expire with no response.  One side or the other gets in a bit of snit and stops communicating, which is counter to the whole negotiating process, but yet it happens.

Good morning, Richard... in our sellers' market, there are always multiple offers on the table and the seller has plenty of time to select the best deal....buyers do not withdraw...there are very few homes on the market.

Very clear expalnation Richard. Many sellers do feel they are being pressured to respond before they've had time to review the offer. I've actually received some offers where the time limit of 12 or 24 hours had already expired before the agent sent me the offer. I think it's good policy to just ask the listing agent if 24 or 48 hours is enough time for seller to reply because buyers are looking at some other homes and might want to submit an offer on one of those. Thanks.

Great information here Richard.  If it is a multiple offer situation, the time is much shorter than a home that has been sitting in the market for a while and has no other interest.  

Great post. Same discussion on another spot and they are saying everything from acknowledge within the hour?!? to buyer's agent should just skip the listing agent alltogether and contact a represented seller themselves if they don't get an answer expeditiously! Really?! As you said. A seller doesn't even have to reply at all. Their home is for sale. A buyer can say, as you said, for their own protection, by when their OFFER expires. But they can't make a seller do a thing. And the pushier the buyer or buyer's agent, the less the seller wants to sell WITH/TO them at all, I find. Present and be patient for them to get out of work or whatever they have crying on their hip!

Richard, I use time limits all the time with commercial real estate Letters of Intent or offers. Some Landlords or Owners just seem to want to sit on the offers for no apparent reason. As far as a time frame, it depends on the situation. I'm also finding many don't pay attention to contractual dates in an offer.

Itypically like to give 24 hours. But sometimes it's less, depending on a situation. The idea is not to give a seller time to "shop" your buyer's offer.

Richard - I have shortened up my timeframes recently. The sellers have taken to holding offers in multiple offer scenarios and I want to keep this time to a minimum for my buyers. I usually give 24-48 hours.

The way I explain it to my buyers is that after the time period we set they are not obligated to purchase the property anymore.  They can if they want to but they're not obligated to.  I also try to be fair in response deadlines as well taking into account the seller's circumstance.

My answer will be depending on the market. .like right now. .a sellers market. .don't push them too hard

Best answer to this question I have ever read.  

I don't like for my buyers to put a time limit on a seller for a response to an offer - It can backfire on them big time and can put undue pressure on an already uptight seller.  The buyer can come off as desperate or too pushy. 

This can get dicey if not handled or addressed...As a listing agent, I make it my business to control and facilitate while getting fiduciary out and about keeping in mind fair and honest for the other players...Communication and time remain vital...I say we connect ASAP and constantly until the deal is foundated..most excellent post

As you discussed, the seller is not obligated to reply but it is helpful to create  bit of urgency. A buyer needs to know whether to move on. These days in Austin, it is something of a mad house with multiple offers on many properties so sellers are responding by asking for, highest and best by a certain date!

Good article for discussion.  Lloyd is correct about the standard in CA and you covered the general concept well.  As a strategy in our market, we often give the seller less time so they don't "shop the offer".  If it expires in 6-8 hours, that is often enough time to respond but not enough time to play games.

I always put a short respone time on the contracts so that if another property comes up we can act on it right away.

The situation varies with individual circumstances.  If the seller is difficult to reach or the buyer is a couple time zones away, that may warrant an extra day or two to respond.  I warn buyers all the time that a 24-hour deadline can do more harm than good, particularly if the offer is a lowball.