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My agent told me that the seller must legally respond within 24 hours. It's been 36 hours and they say that they will counter "today".
I've heard some stories from friends of how they were screwed in the offer process. I am not saying that I completely believe that my agent is out to get me, but my "spidey sense" is going off a little bit now.
This is my first time buying a home so I am not sure if this is normal or not...
Play hardball: call your agent and ask to withdraw the offer because it's been more than 24 hours.
Biggest lesson to learn when buying houses - don't get emotionally invested into any property when making an offer. If it doesn't make business sense and your gut says no, don't hesitate to back off. There are tons and tons of properties out there that you'll like over time.
Call your agent indeed, they're invested too because they're getting 3% out of this, they should be much more interested in getting an answer.
Don't get emotionally invested in any part of it is really good advice. If the offer is accepted then you get an inspection while you're getting approved for a loan. And if the house turns out to have termites or some kind of oil tank or whatever where it'll cost you much more than you're interested in spending. Or the loan approval falls through because the house is over-appraised. There are a lot of things that might want you to cut bait on your end, and not having to weigh in "oh, the view from the kitchen though!" is just going to make it easier on you.
Best of luck during this process. It can get really stressful but I learned an awful lot about the next time I buy a house. I'm also hoping I never have to buy another house.
sounds like the seller got multiple offers and weighting on which might be better for them. Only reason why they haven't responded.
If you tell your agent to check, then the buyer will think you are desperate and counter you with a large jump in price.
I would sit tight and at the same time keep on looking at other houses. However if that's your dream house, and you are willing to pay more, you would wait for the counter and consider giving your highest and final offer.
Biggest lesson to learn when buying houses - don't get emotionally invested into any property when making an offer. If it doesn't make business sense and your gut says no, don't hesitate to back off. There are tons and tons of properties out there that you'll like over time.
My agent told me that the seller must legally respond within 24 hours. It's been 36 hours and they say that they will counter "today".
do you realize how ridiculous that sounds? if a seller doesnt respond to you in 24 hours, are you gonna sue him? if someone said that to me, i would be hard pressed not to say how silly that sounds.
you just have to wait as long as you are willing to wait and keep your eyes out for other options. like someone else said, dont get emotionally invested. its important to keep the wife at arms length on this stuff because wives get too emotional. i had a deal in april to buy a house with a seller verbally agreeing. suddenly someone outbids me and they just go with them. my wife is being dramatic and thinking that something can be done. nothing can be done until a signature is on the contract. even then it still may not be worth actually doing anything.
My agent told me that the seller must legally respond within 24 hours. It's been 36 hours and they say that they will counter "today".
...
I don't think this is true unless it was stated in your offer. Your agent can call the seller's agent and ask them what the delay is and that you would like a response.
If it was a lowball offer, the sellers might honestly not even respond. That's happened to us on both sides of the table (Bought & sold 3 times...).
In terms of your agent and your spidey sense and whatnot. Yes, when negotiating I'd be surprised if the two agents didn't try to work together to just get under contract. I don't think you need to worry about your agent wanting her percentage of an extra 5k and scheming in that way.
i agree they do not have to respond to your offer. the "3" days thing means your offer expires in 3 days whether they respond or not. that is usually written into the offer.
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