How Long Does the Seller have to Respond to Our Offer?
The waiting is the hardest part. Once the buyer has decided on a home, the seller cannot accept it fast enough.
When a City is experiencing a strong Seller's market, multiple offers are usually seen, and there are times where the Sellers are "collecting offers", and want to review as many as they can prior to them making a final decision. (Some Sellers find this an overwhelming task.)
When the Sellers have control of the market, they (or their agent) can dictate when offers will receive a response. It is nice to see in the MLS when the Seller will be reviewing offers, so you can put a reasonable time-frame for the response in the offer.
What happens when that response time passes?
Buyers can sit tight and wait for the Seller's response, and approve the delay. This takes patience, as when you write on a property you love, you want to hear good news! OR, you can let the Listing Agent know the offer has expired, and you can move on to another property. If, the seller does respond after the expiration date, it is a good idea to include a new response time for the offer in the counter so to stay in contract.
Most often Buyers do tend to extend the response time out (if their situation allows), to show flexibility, and allow the Seller to make this decision. If Buyers are demanding upfront, this may show a Seller it could be a tough transaction, and not the impression you want to give the Seller.
To give a Seller a few more hours to approve your offer shows good faith, but can be frustrating for Buyers. To sit on pins and needles to hear if you "won the bid" for your Dream Home is tough and takes patience and very understandable. Strong Seller's markets requires you to make a decision over a weekend quickly, and then waiting and waiting for their response.
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Metro Brokers - House to Home, Inc.
GRI, CRS, CNE, e-Pro
Broker/Owner
Joan@JoanCox.com
720-231-6373
A Denver Metropolitan Realtor
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