Special offer

How long should it take to get an answer on an offer?

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

When a Home Buyer makes an offer, how long should it take to get a response from the Seller? How long it should take and what happens in reality may differ. There are lots of factors that may affect the amount of time. First off it will depend if the owner is owner occupied, bank owned or a short sale. 

 

I believe all offers should be presented in a timely manner. For Owner Occupied homes, the listing agent should discuss with the seller how they want to handle an offer when it is submitted. When representing the seller contacting past showings to let them know an offer has come and asking if they want to submit one promptly, is a way to motivate buyers to act. All offers can then be submitted at the end of the day. Other sellers may want each offer submitted as they come in. 

 

With Bank Owned Homes, there can be a great difference in how long banks take to answer offers. Some of the banks i work with can answer within the hour, most are over night while others can take 3 days.

 

The bottom line is a buyer and or their agent should simply ask the listing agent when the offer will be presented and how long it may take to get an answer. There is no doubt some listing agents hold offers. it can be frustrating for all. It can even cost the seller a buyer if that agent waits too long. Many times the seller does not even know.

 

 

The BEST way to avoid delays and get better results is to know this is why a Buyer or Seller should not choose just any agent, choose the BEST agent for the job. My philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other. and for some, a seat next to me for an hour in the future watching the sun and surf. It is the best way to boost energy and produce more. .

 

 

Click here for Manchester area Homes For Sale by clicking here. what is for sale by clicking here.

 

 

 

A GREAT Listing agent will guide the Seller through each step of the selling process by assisting that seller with tips in how to get the home ready to sell.

 

I have put together a simple recipe for both Home buyers and those who need help to get your home sold. Follow this along with pricing your home right, and the result can be a SOLD SIGN in your front yard.

 

 

THE TOP TIPS TO FIND A "GREAT" REAL ESTATE AGENT

 

 1. LEARN THIS ONE FACT: One should know that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest Agent or Company. It is important to Hire the BEST Agent. In NH that could be me.   

2. CHOOSE THE RIGHT AGENT: As a Buyer OR Seller in this market you need every advantage you can to get your home sold. It starts with choosing the right agent. a. Ask for a Full time agent whose sole job is to sell homes. b. Ask for a Full service agent who will guide you through each step of the selling process. Discount brokers often equal discount services. c. Ask for a Local agent who knows your neighborhood and is readily available when you need them is a must. Out of town agents can leave you high and dry in your time of need. d. Ask for a well experienced Listing Agent can give you the advantages you need when selling your home. Not all agents are created equal. Choose only the best.  

 3. HOME BUYERS SHOULD START BY:  Getting a FREE PRE-QUALIFICATION with a local and trusted lender. They will look at your credit and financial picture and let you know what type of mortgage you may qualify for and what your interest rate and monthly payment may be.   

4. HOME SELLERS SHOULD START BYGetting a FREE MARKET ANALYSIS. Learn what your property is worth in today's market along with how ling it may take to sell. If you are ready to sell now, learn what you should ask for it. How much offers may come in at and what the approximate selling price should be. NH Home owners should contact me now.   

 

 

IN SUMMARY the key to having a successful purchase or sale can increase simply choosing a better agent. The secret is that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process.

 

 

It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.


If you are thinking of buying a Home please contact us. Get a free pre-qualification along with some of the BEST CUSTOMER SERVICE through each step of the Buying Prices.

 

 

WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROUGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!

 

If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale which may be able to help you.Please try and avoid out of state or out of town agents and companies that make "out of this world promises". We are local agents with experience who never charge any up front fees.

 

 

 

We are local agents with experience who GET RESULTS!!!

 

We stand by you through every step in selling your home.

 

Another reason that makes New Hampshire a great place to Live, Work and Play.

 

  • About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. With 29 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area. To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com . We are Full Time Agents ready to serve all of your Real Estate needs through each step of the buying and Selling process. We are proud to be locally owned and operated.

Comments(25)

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Scott -- this is a good question that is always asked when a buyer submits an offer.  It's a good discussion for the listing agent to address when completing the paperwork before the home goes on the market.  What is our offer strategy? Offers reviewed on a certain date or as they arrive?   It depends on the market and the individual seller plus the situations you site -- bank owned or short sale or maybe even a relocation sale subject to a third party review.

 

Communication to all sides will make for a better transaction.  

Aug 03, 2015 12:09 AM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Hi Scott Godzyk 

In our Massachusetts Contract to Purchase, i.e. offer, we stipulate a timeframe for the offer to be accepted or rejected, such as, 24 hours from submission. 

Aug 03, 2015 01:47 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

In Oklahoma contracts we always put in a date for an answer. That answer may be no answer and usually the agent informs us, it can be a counter, or it can be a multiple offer send out that ask for highest and best by a certain date. This is normally 48 hours or less on private sales, but repos always take longer and usually we put in one week for an answer.

Aug 03, 2015 03:19 AM
John Ferrier
Mortgage Network Solutions, LLC - West Chester, PA
20+ yrs as a consultative mortgage professional

When I've purchased homes, or clients ask my advice, it's always the same: I need an answer by the end (5 PM local time) of the next business day.

 

 I'll assume in advance there is a target price point, and a sweet spot. There should also be a strategy if someone comes in below that sweet spot. I've seen too many deals fall apart because someone is trying to eek another grand or so out of the deal.

 

Aug 03, 2015 03:42 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

This is one of those things that one never knows.  A lot of variables to buying/selling real estate and this is one of them!!

Aug 03, 2015 05:10 AM
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Scott - With our low inventory and multiple offers common, it's not unusual for a listing agnet to hold offers for several days and have the seller review them all at once. This works great for the seller, and is very uncomfortable for everyone else - I guess that's why they call it a seller's market.

Aug 03, 2015 06:17 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

We like to get it back ASAP, but no longer than 24-48 hours.

Aug 03, 2015 09:36 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Roger D. Mucci ABSOLUTELY and how I work all my purchases and sales. Communication is key to success. 

Aug 03, 2015 10:22 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Thank you for the cpmments Roy Kelley 

Aug 03, 2015 10:23 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

You are so right Tammy Todaro . I do not like holding offers and hate when agents or sellers stall. I welcome buyer agents as my job is to the sell home. Have a good night

Aug 03, 2015 10:25 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

John McCormack I am still listing a good amount of bank owned home and all but one of my banks responds within a day, a couple even with in hours. The key is communicating with the asset managers who love a complete offer that includes everything they request such as pre-approval letters. Have a good night

Aug 03, 2015 10:26 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Debbie Reynolds I am just like you. I like to get them presented and under contract for the best price in the quickest amount of time. Sellers love my speed, updates and communication. 

Aug 03, 2015 10:28 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Michael Jacobs it sure does. On my bank owned homes i like to infomr teh buyer agent up front what to expect, they are often shocked but love it that i update them. 

Aug 03, 2015 10:28 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Doug Dawes ours does not have that. Some b uyer agents write it in anyway though, for bank owned it can hurt them if for instance it is a HUD sale that could take 3 days. 

Aug 03, 2015 10:30 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Joe Pryor ours do not have dates, it is nice to have them. I as a listing agent always submit them promptly and find buyer agents love the updates i give. I know when ii am on the flip side and representing a buyer and have to wait it is very frustrating,. 

Aug 03, 2015 10:31 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

John Ferrier with my sellers we have the talk bvefore showings start and before offers come in so we can act quick with a counter offer if the offer is too low

Aug 03, 2015 10:32 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Carla Muss-Jacobs, Principal Broker/Owner ye sthere is too many variables to give an exact date. I like to ask up front when representing the buyer and when listing communicate with the buyer agent so they know. 

Aug 03, 2015 10:33 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Yes Dick Greenberg it does happen. Often on my new listings we get many full price or more offers right away, as within the first day or two, it makes it easier to pick an offer quickly and get that home under contract. 

Aug 03, 2015 10:35 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

 Lawrence "Larry" & Sheila Agranoff. Call 631-805-4400 (c) I am the same that i like a day, some time sthough especially in summer if a seller is away, it may take 2. 

Aug 03, 2015 10:36 AM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I'm working on getting a bank owned property under contract right now. It's priced right, and we will see multiple offers. 

 

Aug 03, 2015 03:51 PM