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Every offer I have ever made as a buyer and as a seller ALWAYS had an expiration date and time. And I stuck to it. I walked on one house because the seller wanted to think it over for a few days. You have 24 hours in my book. There's another house down the street for sale. I don't have time to waste on whether or not you want to negotiate. If you really want to sell your house, you don't sit on the offer for days or weeks. Weeks? Who has time for that?
Personally I think it's rude to not let a seller know if they accept, counter, reject or are at least considering over the weekend! To just let them sit in limbo is beyond me. If the sellers agent is on vacation then that agent should have someone at the managing brokers office filling in.
If it was me I would call the managing brokers office and tell them you need an answer and give the time frame. However, if your contract says 10 days (which is a long time IMO) then you really need to wait out the 10 days. Keep looking if you want and if you find something better then you can pull your offer.
I've never made an offer with a deadline of more than 24 hours. When buyers give me more than 24 hours, I love it it because it creates a better chance of multiple offer$ for me.
... Keep looking if you want and if you find something better then you can pull your offer.
Exactly!!
Well, if one finds something just equivalent, one may wish to jump to it.
Lots and lots of real estate (pun!) conveys successfully without a deadline for acceptance of an offer.
There is no protection in our local NCAR contract with a deadline and no tangible benefit to a buyer who can shop around until the cows come home.
In a multiple offer situation, a gratuitous deadline is actually a detriment unless the offer itself is just a home run for the sellers.
This is in NJ and not sure if there's any laws for this? And how long should a potential buyer who made the offer wait? If there is no "expiration" date on the contract, could a seller come back say 3 weeks later deciding to accept an offer? Is this some sort of tactic to wait until they get higher offers? Agent of potential buyer is giving exact time frames like "Oh, they are busy with work, so haven't looked it over but will tonight" or "they will know by such and such time," but still no answer? Wanted to add this is a full asking price offer with contingency of inspection.
I would withdraw the offer in writing, hire a new agent, and submit a new offer with an expiration date, not necessarily in that order.
Ok. So now our agent calls DH today and the new story is the sellers agent is now away on vacation, so that is the hold up. He is not even getting a clear answer on wether or not our bid even made it to the sellers. This is the 3rd story now. I thought the hold up was because they were busy with work. I decide to call the sellers agent, did not give my name but asked about the listing. She seemed to stumble a little and tell me the condo sold yesterday. This is sounding pretty shady now...
Wow, my dad made an offer on a townhome (all cash) and this exact same scenario was given to him. First "the sellers are busy working" was the excuse, then "the agent is away". All bull. Truth was they were waiting for other offers. Sounds like your agent wants a 10 day offer to have the best chance to make the sale as if you set a 72 hour limit (most common) she might lose this sale and have to start all over. Oh, and my dad lost the sale too which was frustrating as he would have added some extra if they would have countered.
The seller may be using your offer to get a better offer from someone else. One option to counter this is to use a confederate to make an offer lower than yours.
This is in NJ and not sure if there's any laws for this? And how long should a potential buyer who made the offer wait? If there is no "expiration" date on the contract, could a seller come back say 3 weeks later deciding to accept an offer? Is this some sort of tactic to wait until they get higher offers? Agent of potential buyer is giving exact time frames like "Oh, they are busy with work, so haven't looked it over but will tonight" or "they will know by such and such time," but still no answer? Wanted to add this is a full asking price offer with contingency of inspection.
You can offer anything you want any time you want. The seller will either counter your offer, reject it or ignore it.
In any case there is no reason you cannot make a new offer as long as the property is still on the market.
This is real estate 101. Your Realtor should explain it to you.
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