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What is your opinion of a home buyer writing an offer to give the seller an indefinite time period to consider it (until withdrawn)? Is this viewed favorably by some sellers? Or, do sellers think it's an indirect pressure tactic by the buyer?
I almost never write a deadline in an offer.
I very seldom receive an offer with a deadline.
Never understood the hangup on putting deadlines in. I guess it is a regional thing, based on typical contracts and customs.
I see no fundamental advantage to the buyer, since the buyer can almost never be forced to buy.
And no EMD crosses hands until there is a contract.
Sellers know the buyer is looking and shopping until they get a contract, and even after.
I'm sure sellers would love it. Not sure why a buyer would want to do it.
Yes, the sellers would love it. Now they can shop your offer, letting everyone that sees the house know there is an offer in hand putting pressure on the others to make quick and strong offers. And they have time to wait for a better offer.
It's easy to extend an offer. No reason to leave it open. Get an answer.
Yes, the sellers would love it. Now they can shop your offer, letting everyone that sees the house know there is an offer in hand putting pressure on the others to make quick and strong offers. And they have time to wait for a better offer.
It's easy to extend an offer. No reason to leave it open. Get an answer.
So, a deadline prevents shopping the offer?
Of course not. A gratuitous deadline only creates urgency to shop an offer for the defined period, while making the buyer appear to be difficult.
I would put a deadline when there is tangible benefit- if you think they might shop the offer or you want to force them into an otherwise uncomfortable decision- like it's your last offer and it's still a little below what they want to accept.
The Texas contracts do not allow for a deadline in the residential contracts. The commercial contracts have a deadline.
If you decide you don't want your offer to be out there anymore, you just send an email or make a phone call to withdraw your offer.
Putting a deadline in an offer actually doesn't make sense because a seller can't agree to respond to the deadline without executing the offer into a contract because an offer isn't signed by a seller. If it's not signed, the seller hasn't agreed to anything which also means the seller hasn't agreed to respond by your deadline. An offer isn't for one-way communication.
We received two offers within 24 hours. The first had what I thought was a pretty generous deadline - 5 days. The second was wide open.
We certainly appreciated the lack of deadline (and even the 5 day period), but it seemed solely in our favor. We could wait and see what else might come along.
From the buyer's perspective - I don't see the benefit. They are effectively tied to this one house and can't (shouldn't) really make other offers while waiting for a decision. Sure, technically, a buyer can submit as many offers as they want, but what if more than one is accepted? There are many options for buyers to back out, but it's really not acting in good faith... it's a waste of everyone's time.
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