How Long Does a Home Seller Have to Respond to An Offer?
I’m buying a home and I offered 5,000 more than what the price is worth there are other buyers as well but how long does it take to know if your the one who gets the house? Is 5,000 a good amount to put towards the sale price?
- MaxiLv 72 months ago
There is no obligation or time limit they have to reply by, it is up to the buyer to make an offer in writing and to put a time limit on that letter if that is what they want...... if there are several interested buyers, it is best they don't reply and let them get on with outbiding each other
- SlickterpLv 72 months ago
They have as long as they want, unless the offer has a requirement in it that they respond within a certain time.
- curtisports2Lv 72 months ago
The seller never has to respond in writing. The seller has as long, to accept or counter-offer, as the buyer gives them in the language of the contract. If your purchase offer does not have an expiration date/time in it, then the seller doesn't have to respond at all. If the seller doesn't act by the expiration, then the offer is dead and you can consider that a response.
When I was licensed, I always put a specific 'good until' time in my buyers' purchase offers. It was always a very short period of time, 24 hours or less. This served two purposes, one, to cut down the amount of time for competing offers to come in, and to force the seller to act.
- Anonymous2 months ago
Technically they do not have to respond at all.
Your offer, if written properly by a professional, will have an expiration date/time. If your offer hasn't been accepted/countered by the date/time that YOU chose, then it's unlikely the seller is eager to accept it.
No one here knows whether you offered an attractive offer or not. Some houses sit on the market for a year and sell for 50k less than what they were listed at. Other houses have seven offers in the first 24 hours and sell for 50k over asking.
An offer with an escalation clause can be helpful if a buyer is willing to pay more than their offer (if they HAVE to in order to win). If they've already offered the max they're willing to pay, an escalation clause is not appropriate.
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- SimplytheFACTSLv 72 months ago
as long as they want to take