How Long Is Too Long to Respond to Your Home Offer
Buying a house is quite an emotional experience, especially after you’ve extended an initial offer. Excitement and anticipation mix together as you await the seller’s response. How long will it take for the seller’s agent to provide an answer — Hours? Days? Weeks? While you can’t necessarily wait forever to move into a new home, you also don’t want to pressure the seller for a decision and risk losing the home of your dreams. How long is too long to respond to your home offer? Let’s take a closer look at this process.
Is the Wait Worth It?
Even if this is your first real estate transaction, you surely know that buying a house isn’t a sale that’s completed overnight. With the current market in Saline County many buyers feel pressured to submit an offer as soon as possible, in hopes that they can secure the property before another buyer submits an equal or more attractive offer. Some buyers are also dealing with time constraints like selling their own home or attempting to relocate, increasing their need for a rapid response to their offer.
Unfortunately, waiting is part of the process. Worst of all, there are no laws dictating how soon a seller must respond to an offer. When a seller receives an offer from a buyer, they have the option to either accept it, reject it, or provide a counteroffer. While there are no official timetables in which a seller must respond to your offer, there is an industry-standard which most real estate agents adhere to. It’s common practice for a seller’s agent to provide an answer to the buyer’s agent within a day. The selling agent will attempt to respond to the buyer’s agent with an answer within a day, though it may be extended by another day or so as the agent waits for a response from the seller.
Buying a House Takes Time
Although you should expect an answer between 24 and 48 hours of making your offer, there are some exceptions.
Technically, you can expedite the process by placing an expiration date on your offer. Arkansas Contracts actually require you to put an expiration date. It may be in your best interest to give the seller ample time to make a decision. I tend to be a 24 hour agent. Some agents ask for a response the same day. Keep in mind that there are some exceptions that may delay a response, such as when you’re buying a house that’s owned by a bank or if the seller is entertaining multiple offers or counteroffers.
When you’re buying a house, patience is key. Though they are permitted to take as much time as they need, most sellers will respond to your offer within a day. If your offer goes past the expiration date, not all is lost. Reach out to your agent and they will advise you of whether to retract your offer or wait a little longer to secure your dream home.
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