Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Offers around here have a definite time and date expiration for a response. If a seller doesn't accept or make a counter-offer before the deadline, the convention is that the offer was not accepted and the buyer is free to look elsewhere. If an active offer is still on the table, it makes it more difficult for a buyer to "just pick up and move', especially if the seller ends up accepting it. But they could easily back out during due diligence. If a buyer wants to withdraw an offer, there's a form for that, too -- but there has to be some sort of paper trail that the offer is dead.
Interesting stuff.
Offers come off the table with a phone call here.
Good luck to a seller trying to claw a buyer back into discussion after the buyer decides they got bored waiting.
No sale.
In my recent search I made all my offers with 24-48 hour deadlines - I was on a schedule to find a place (started with 60 days) and had a few houses I was interested in.
During that 24-48 hours the buyer (me) is not putting in offers on other houses and risking the loss of their ability to move on backup properties. I see no reason a buyer who is looking at houses should have to hang up their hat and wait a week for someone to decide whether they are going to accept / counter an offer while other houses the buyer may be interested in are moving off the market.
It's simple, if a seller wants a week to decide I move on to a seller that is ready to negotiate now.
Yes, it is rude when a Seller takes an undue amount of time to give a response. Often there is a valid reason for the delay, but sometimes there is not. It is particularly frustrating when a Seller makes no response at all. I had one Seller (actually three tenants in common) who gave absolutely no response to multiple offers for 5 years. Talk about frustrating. It drove the Listing Agent crazy, too. They were indecisive to the max, not to mention rude (but we finally bought the property!).
OP, glad to hear that you got a response. At least you didn't have to wait very long.
Wow 5 years? That's a seller who doesn't want to sell. He wants to show his proud abode. It's like those guys who are "selling" a custom car but drive around with a painted on pinstriped FOR SALE sign and phone number on the back window. They just want people to call so they can talk about all the stuff they did to their truck.
When I sold I responded at the end of whatever time limit I was given. If I respond before and someone else comes in with a better offer I'm jumping the gun and I could potentially lose money. I don't hold people indefinitely to give a answer. I wouldn't want it done to me. But I do take the time allotted to make up my mind.
When I put in a offer in I give 48 hrs to get back to me. If you don't I assume you don't like it and move on. You want me back at the negotiating table if I haven't found anything else I can deal but The offer won't be the same. To me its simply a business deal.
Wow 5 years? That's a seller who doesn't want to sell. He wants to show his proud abode.
No, it wasn't that. It was three siblings who inherited the property. Two of them wanted to have the house and they couldn't agree on a way of splitting up the acreage...so they listed it at a high price thinking they would be happy with that (at least that's my take on the situation). I'm just glad that they finally agreed to sell.
No, it wasn't that. It was three siblings who inherited the property. Two of them wanted to have the house and they couldn't agree on a way of splitting up the acreage...so they listed it at a high price thinking they would be happy with that (at least that's my take on the situation). I'm just glad that they finally agreed to sell.
Damn. You're a patient man. That's a hard earned commission
Offers around here have a definite time and date expiration for a response. If a seller doesn't accept or make a counter-offer before the deadline, the convention is that the offer was not accepted and the buyer is free to look elsewhere. If an active offer is still on the table, it makes it more difficult for a buyer to "just pick up and move', especially if the seller ends up accepting it. But they could easily back out during due diligence. If a buyer wants to withdraw an offer, there's a form for that, too -- but there has to be some sort of paper trail that the offer is dead.
I was pretty sure there was some sort of "I changed my mind" form. I'm an investor but we've been accused of spewing offers, but nothing could be further from the truth. In fact every negotiation I've initiated ultimately resulted in a sale. Well two in escrow but we are well past the back out stage.
Investors sure get a nasty name. I'm not one of them. My record is 4 offers (and some negotation) and headed towards 4 closing deals in the next 2 weeks (2 closed and rented, 2 left to close and rent).
Is there a reason you're in such a hurry? You said this was a second home. The key to getting a good deal in real estate is patience.
You actually might not even like living in North Carolina if you are the kind of person who gets stressed out over most things. NC is "The South." In my experience they have a different time clock than much of the rest of the country operates on.
We are purchasing a 2nd home in Coastal NC. We made an offer yesterday and have not heard ANYTHING! Based on the time right now, it will at least be tomorrow. Our realtor says it's "no big deal". Really??!! You have your home on the market and you can't be bothered to entertain an offer? Is this just the way things work in NC? Is this the norm in other places? I personally think this is rude and it's making me not want to negotiate if we ever do get a counter. How frustrating!
Don't display your frustration!
If you were negotiating with me, I would make you wait. Then I would give you the counter offer (very close to list price) at the last minute.
But then, if I were selling a house, I would have the appraisal and inspection in hand. I may or may not show it to the realtor, depending on what I wanted to accomplish.
Then, if you were clever, you would make me wait. Your second offer would come very close to your first offer.
Based on your comments in other threads, don't be so sure.
I'm an investor. What I meant is I'm not one of the nasty ones. I have made only 4 offers, all of them have been accepted, two have closed and the last two are in the final stages. All my relations with all my sellers except one have been cordial.
The last one, let the pool go green after my inspector pointed that out two weeks before appraisal, my agent told their agent to fix it, pool was green at appraisal costing me another $100 to reappraise after seller fixed the green.
Then to top it all off, when escrow was sure to close the jerk completely turned off the landscape watering system and quit maintaining the pool. Oh yes, and when I got there 2 days after COE the lawn had turned brown and the pool was turning green. Two quarts of chlorine fixed that. I hope water will eventually fix the lawn.
All I can say is that I am not a predatory investor, I've given better than I got, I'll be done this month because the rule for baby investors is limit 4 mortgages, and I'm out of the investing business and into the landlord business. I doubt I'll see another HUD-1 for 12-15 years minimum.
I'm the kind of investor you want to meet whether you are a Realtor or are selling your house. I do only fair deals, my investments are important to me so I'm going to keep them in perfect condition, and my tenants are important to me -- because I lose 2 months rent every time they change. That's one month vacancy and one month rent as commission to my rental agent.
Anyway my days of buying properties are over.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
