Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 2 months ago

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?

5 Answers

Relevance
  • Maxi
    Lv 7
    2 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

  • 2 months ago

    They have as long as they want, unless the offer has a requirement in it that they respond within a certain time.  

  • 2 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.

  • Anonymous
    2 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.

  • How do you think about the answers? You can sign in to vote the answer.
  • 2 months ago

    as long as they want to take

Still have questions? Get your answers by asking now.