How Long Does A Seller Have to Review an Offer?
Are you planning on buying a home? If so, like most buyers you probably will want to know how long a seller has to review and respond to your offer.
In this article, we will answer this question and provide you with tips on how to submit an offer.
Sellers Have 72 Hours to Review Offers in California
In the State of California, our current agreement gives a seller 72 hours to review a buyer’s offer.
Even though 3 days is the typical time-frame that a seller has to review an offer, we recommend that you adjust this time-frame and utilize your right as a buyer to modify the seller acceptance deadline depending on the state of the real estate market.
Time is of the Essence
Shortening the amount of time that a seller has to accept your offer is important especially during a competitive buyers-market. You don’t want your offer to sit for up to four days, giving the seller the opportunity to receive additional offers from other buyers and potentially not respond to your offer at all.
Your agent should be skilled enough to know the current state of the SoCal Real Estate market and specify how much time the seller has to review an offer.
What Happens Next?
After your agent submits your offer, the seller will receive the offer and they can either accept the offer as it’s written, reject the offer, submit a counteroffer to you, or do nothing at all.
If the seller doesn’t respond to your offer then the offer will expire but, if the seller issues a counter offer then your offer becomes “extinguished”, and the counteroffer becomes the new offer between seller and buyer.
Before submitting an offer on a home in Southern California make sure you do the following:
Get pre-approved for a mortgage loan.
Ask your agent to do a comparable analysis of other properties in the area so you can make a smart offer on a home that’s backed by current market data.
Don’t include too many contingencies.
Contact the Fred Sed Group