How long does seller have to respond to offer?

DebbieJ · 12-16-2007, 02:54 PM

Quote:

Originally Posted by gregharaksin

Just curious, what happens if they don't respond?

Greg,

If the seller does not respond by the deadline then the offer is no longer valid. Seller is basically rejecting the offer. That's Florida law...could be different in different states.

As far as bank offers go...it's a different ballgame

gregharaksin · 12-16-2007, 03:07 PM

exactly, the seller does not have to respond.

Susan Zanzonico · 12-16-2007, 07:02 PM

In NJ...if no response by 48 hours or 2 days....you can call the seller directly to be sure the offer was presented...Actually, there is a form that you can request the seller sign to be sure the offer was presented. This form probably was developed when we were having numerous multiple offer situations Pre 2006 for the most part in NJ. No response...if you know it was presented is considered a rejection of the offer as is a counter.

gregharaksin · 12-16-2007, 07:14 PM

Being able to call the seller direct after a couple of days would be nice. Especially since some unscrupulous agents will tell me the property is in escrow if i say am an agent, and the property is available if I say I am a buyer. Yep, I'm hearing that is going on, as the listing agent is looking to double-end the deal -- to heck with his clients.

DebbieJ · 12-16-2007, 11:16 PM

Quote:

Originally Posted by Susan Zanzonico

In NJ...if no response by 48 hours or 2 days....you can call the seller directly to be sure the offer was presented...Actually, there is a form that you can request the seller sign to be sure the offer was presented. This form probably was developed when we were having numerous multiple offer situations Pre 2006 for the most part in NJ. No response...if you know it was presented is considered a rejection of the offer as is a counter.

With certain offers, I sure wish we could have requested the seller sign a form confirming the offer was presented. What a great idea

OCTeam · 12-16-2007, 11:31 PM

Quote:

Originally Posted by DebbieJ

With certain offers, I sure wish we could have requested the seller sign a form confirming the offer was presented. What a great idea

In California, you can request through the listing agent that they sign it but, it is not mandatory they sign it.

Also, if the listing agent claims they are already in escrow, you just notify the board of the violation of not putting it in back-up or pending status if, in fact, there is an accepted offer. Two can play the game...

Susan Zanzonico · 12-22-2007, 09:21 PM

Quote:

Originally Posted by OCTeam

Also, if the listing agent claims they are already in escrow, you just notify the board of the violation of not putting it in back-up or pending status if, in fact, there is an accepted offer. Two can play the game...

Oooouuwww...we are very loose on that one. I think sometimes we have reasons be it fair or not..I always, always call the LA before I show a home to find out the scoop. I almost showed one 2 days ago, but its in A/R and its still not marked as such. I we started reporting each other for that stuff, there would be alot extra work going on and probably people being put on a "black list"..."get even with list".

SELLITNOW · 05-12-2008, 06:07 AM

In Virginia, the deadline is typically 24 hours, but the realtor can stipulate whatever time period is comfortable for his client. I had a client that wanted an answer in 12 hours or no deal. It didn't go through.

Standard time = 24 hours - but that's during the week. I hate submitting offers on a Friday - EVERYONE wants the whole weekend to sort things out!

jamesww · 06-21-2008, 01:44 AM

Quote:

Originally Posted by lexus02

Okay it could take weeks, but what exactly are my rights as a buyer, do I have none? Is there no deadline they must respond by?

You have no right as a buyer to make the seller respond to your offer. They can ignore it because it is only an offer and not a contract. They only have the deadline that you choose. If you tell them that the offer expires in 48 hours it expires in 48 hours and you are not on the hook for your offer. But, other than the seller taking a risk that your offer will no longer be around there is nothing to make them respond to your offer in any certain amount of time. If you get sick of playing the waiting game you can always revoke your offer. Some agents on here that are not familiar with how the REO business work are going to tell you that you should have your buyers agent check in with the listing agent about the offer. This will not speed anything up the banks and AM's of loss mitigation companies are slammed with foreclosures right now. They just get to it when they get to it. Bothering them will only make them decide to respond to your deal last. I know this doesn't seem like it is taking care of the banks interest but it is the nature of the game. The headaches you are going through now are the payment you make to get a below market price on a home. Good luck sorry I couldn't tell you you can make them respond.

Susan Zanzonico · 06-21-2008, 08:49 PM

I am saying that if, as a buyer's agent you have doubts about the offer being presented and have not heard anything...within 48 hours you can pick up the phone and call the seller directly. Obviously its not really the route you'd like to take with the ultimate goal in mind.

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