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Old 12-03-2009, 05:01 PM
 
Location: North Carolina
756 posts, read 1,507,419 times
Reputation: 283

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What is the consequence?

The buyer to whom we sent a counter had until 6:00 pm to respond. Our agent just called and said she has heard nothing and "they probably will be late."

Does the buyer owe us a dinner or something?
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Old 12-03-2009, 05:24 PM
 
Location: North Carolina
756 posts, read 1,507,419 times
Reputation: 283
UPDATE: their agent called and asked for a 24 hr extension. What are we going to say, no? LOL. So we wait another day.
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Old 12-03-2009, 06:18 PM
 
Location: DFW - Coppell / Las Colinas
35,894 posts, read 39,546,299 times
Reputation: 42997
Quote:
Originally Posted by GuyFriendly View Post
UPDATE: their agent called and asked for a 24 hr extension. What are we going to say, no? LOL. So we wait another day.
That's why I hardly ever put a deadline. They really don't mean much.

It's in the best interest of all parties to move quickly. If I have a buyer who needs a quick response I tell the listing agent.

Why does a seller need a quick response ? Is there a line of buyers waiting at the door today ? Probably not.
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Old 12-03-2009, 09:44 PM
 
Location: Central Texas
20,759 posts, read 39,364,921 times
Reputation: 24020
Not to mention, if you're talking about a contract, you don't have a contract until all parties have agreed to and signed off on all clauses, so putting a deadline like that in a contract is basically meaningless as it could be struck by the recipient and initialed (and if it isn't, and the deadline is missed, and the parties move forward without changing that clause, then it invalidates the contract, it would seem, because the contract is completed by all parties fulfilling ALL of the items agreed to). One of my pet peeves, that. A mention in the cover email that a prompt response would be appreciated is fine and likely to get a positive response; putting it in the contract like it can be enforced is like fingernails on a blackboard to me.

I know there are states where an expiration is part of the contract, but it still makes my legal assistant teeth itch!

Glad you heard back, though.
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Old 12-06-2009, 08:42 AM
 
8,210 posts, read 12,290,550 times
Reputation: 11134
Well if you had another better offer show up it would certainly give you an out which would be nice.
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Old 12-06-2009, 10:48 AM
 
Location: DFW - Coppell / Las Colinas
35,894 posts, read 39,546,299 times
Reputation: 42997
Quote:
Originally Posted by Giesela View Post
Well if you had another better offer show up it would certainly give you an out which would be nice.
If another offer shows up that is better, you just withdraw your offer immediately by email & fax. Very simple.
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