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Old 03-22-2011, 11:07 AM
 
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in TX is there a limit of time a potential buyer/seller has to answer a counter offer for residential purchase?
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Old 03-22-2011, 11:42 AM
 
Location: The Greater Houston Metro Area
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Did you put a time into the offer? Something along the lines of "this offer will expire at 5:00PM on DATE".
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Old 03-22-2011, 03:01 PM
 
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No...a previous house I owned in a different state it was regulation that there was a period of 24hrs for a contract or counter to be answered, accepted or declined. I wish I had put an expiration date. Now I'm sitting here waiting and waiting for an answer. I'm thinking these people are not serious if they have not answered. But no worries...now I know for any possible offers that come in, I can add that. Is there a specific area we enter that in the contract (specific section?) or just add an ammendment.
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Old 03-22-2011, 03:20 PM
 
Location: Houston area
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You can add that in the provisions. Also, don't expect to hear back soon on a foreclosure. It can take a day to 5 days to hear back.

It's not uncommon right now for seller's to wait an extra day or 2 to reply to an offer if it's not what they want. All in hopes of getting another offer.

Have your agent convey your interest of looking elsewhere if you do not hear back soon.

Good luck!
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Old 03-22-2011, 03:36 PM
 
834 posts, read 2,679,529 times
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I'm the seller, empty house - already moved to my new place. This is unfortunate. We had verbally agreed on a price (my realtor and the other people's realtor). We signed a counteroffer and then they got stuck about some measurements. We clarified that Monday and haven't heard back. IMO it doesn't appear that the other agent is too experienced. Either the client is not really interested or they just can't afford the price (?). We will see. I will assume that the deal is off and continue to show the house and ask my agent to host open houses until contract (that one or any others) come in.

Thanks for comments!
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Old 03-22-2011, 03:46 PM
 
Location: Houston area
1,408 posts, read 4,045,835 times
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Quote:
Originally Posted by Houston_2010 View Post
I'm the seller, empty house - already moved to my new place. This is unfortunate. We had verbally agreed on a price (my realtor and the other people's realtor). We signed a counteroffer and then they got stuck about some measurements. We clarified that Monday and haven't heard back. IMO it doesn't appear that the other agent is too experienced. Either the client is not really interested or they just can't afford the price (?). We will see. I will assume that the deal is off and continue to show the house and ask my agent to host open houses until contract (that one or any others) come in.

Thanks for comments!
Ahh, I didn't realize you were the seller.

They are probably looking at other options. Have your agent tell them you are expecting another offer within a day or so, maybe that will put pressure on them. If not, then they probably aren't interested.

To tell you the truth, if they don't decide quickly, that means they are on the fence. If possible, ask for a little more in option money and earnest money. The type of buyer that is unsure about things, is usually the one that backs out of home purchases because they really weren't sure to begin with.
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Old 03-22-2011, 06:03 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,159,653 times
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Continue on in letting the house be shown. They may just have a scheduling problem in getting the paperwork back. They may have backed out entirely. Your agent will, no doubt, call their agent to see where everything stands - but don't push her/him in calling too prematurely and making you look desperate, it will affect their actions. Everyone is different, but I would not suggest telling the buyer's agent there is another offer coming in if there isn't. That can back-fire.



There really is no point in trying to have an expiration date on the counter-offer, if you are the seller - the buyer either will or they won't take the next step.
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Old 10-18-2011, 05:43 AM
 
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Nice reply. I would surely use your advice in similar case for my self.

Quote:
Originally Posted by City Love View Post
Ahh, I didn't realize you were the seller.

They are probably looking at other options. Have your agent tell them you are expecting another offer within a day or so, maybe that will put pressure on them. If not, then they probably aren't interested.

To tell you the truth, if they don't decide quickly, that means they are on the fence. If possible, ask for a little more in option money and earnest money. The type of buyer that is unsure about things, is usually the one that backs out of home purchases because they really weren't sure to begin with.
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