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Old 03-16-2010, 03:11 PM
 
402 posts, read 1,535,547 times
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What do you all suggest for what to write into the offer as far as when we'd need a response? The bank I'm approved through is still doing USDA loans at the moment but because of their claim that they're running out of funds, I need to get the loan through sooner than later. It seems 48-72 hours would be adequate unless they are on vacation or something and in that case can let my agent know. Other posts here have said they'd be offended by a request for such a quick response, but since sellers are having such a hard time here, I imagine they might be fine with getting a fair offer, period.
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Old 03-16-2010, 03:48 PM
 
Location: DFW - Coppell / Las Colinas
35,888 posts, read 39,546,299 times
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I personally don't care for this written into an offer. As a listing agent, the seller and I will move as quickly as possible to get you a response.

I can understand if you are in town a few days and your time is limited.
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Old 03-16-2010, 03:55 PM
 
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How do you determine when its time to move on, that possibly the seller isn't going to respond at all?
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Old 03-16-2010, 03:57 PM
 
Location: Just south of Denver since 1989
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What type of seller are you dealing with?
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Old 03-16-2010, 04:01 PM
 
402 posts, read 1,535,547 times
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Quote:
Originally Posted by 2bindenver View Post
What type of seller are you dealing with?
I don't know, I haven't made the offer yet. But just a "normal" sale, if that's what you mean. Not a short sale or bank owned.
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Old 03-16-2010, 04:09 PM
 
Location: DFW - Coppell / Las Colinas
35,888 posts, read 39,546,299 times
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In todays market, any seller would be crazy not to respond to a good qualified buyer quickly. If they are dragging their feet there maybe a reason like they are expecting another offer.

You and your agent will know what's reasonable. When you make your offer, if there is a problem the listing agent will tell you something like "My seller is in Honk Kong and it will be tomorrow before he sees my email"
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Old 03-16-2010, 04:25 PM
 
Location: Central Texas
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In Texas, since our contracts do not contain an "expiration date", writing it into the contract would be futile (though some agents persist in doing so, probably for clients who move here from out of state). Since the contract isn't a contract until all parties have agreed to ALL clauses AND signed off on them, it merely indicates a misunderstanding of what constitutes a contract on the part of the agent and the buyer.

However, a cover letter mentioning the need for a quick response and why (in your case, that's a pretty reasonable reason, in my opinion) would certainly be appropriate.

Also, if you are in such a time crunch, I'd have a Plan B ready if this one doesn't work out.
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Old 03-16-2010, 04:29 PM
 
402 posts, read 1,535,547 times
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I imagine my agent can answer this, but I'll ask y'all anyway - so if you don't put in a "this offer expires on" date - since I'm in somewhat of a hurry, it is simple enough to just discontinue the offer if they don't respond, in order to move on and make an offer on House B? I wouldn't want to make an offer on House B and then the next day House A accepts. Is there paperwork involved in discontinuing the offer?
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Old 03-16-2010, 04:35 PM
 
Location: DFW - Coppell / Las Colinas
35,888 posts, read 39,546,299 times
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The 1st thing your agent will do is call & email the other agent and tell them "We are withdrawing our offer"

We do have a 1 page for "Withdrawal of Offer" that can be signed by the buyer and emailed to the Listing Agent.

I have had a few out of town clients who were pressed for time and had a house #2 they liked. When we did the offer I had them sign the withdrawal of offer which I held in their folder. That was in case we needed to move on quickly to the next house.

I've never had to use the Withdrawal when I've had them Pre-sign, the seller has always come through. Keep in mind very few sellers sign an offer as 1st recieved. If the make a change and counter you, it is a counter offer which voids your 1st offer.
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Old 03-16-2010, 04:38 PM
 
Location: Central Texas
20,759 posts, read 39,364,921 times
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Yes, we have a form that can be used to terminate the offer, and, absolutely, if you have one in your state, use it and make sure it's delivered BEFORE putting in an offer on another house.
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