How long does seller have to respond to offer?

lexus02 · 12-13-2007, 05:28 PM

How long does a seller have to respond to my offer, and what if they don't respond at all, what actions can I take? What are my rights here, ethically and legally? I submitted an offer on a house that is now bank owned and the bank has not responded to my offer. It has been over 1 week.

Thanks

AaronSOLD · 12-13-2007, 06:02 PM

This could vary state-to-state, but in Minnesota a buyer can withdraw an offer if it has not been fully executed by the other party at any time. Many of these banks are taking 2, 3, 4 weeks or more. Some take as few as a couple days.

Did you submit this offer through an agent? If so, ask them to ask the listing agent for updates at least weekly. Patience is the key with bank offers.

lexus02 · 12-13-2007, 06:23 PM

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?

jamesww · 06-21-2008, 02:44 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 · 12-13-2007, 06:11 PM

In NJ its 48 hours that you should receive some sort of response or you can call the seller directly. Now if owned by a bank...that could be different.

AaronSOLD · 06:42 PM

Your right is to rescind the offer... I don't believe that anyone can force the bank to give a response in a certain time frame...

They are stupid to drag their feet, but it's their right to be stupid.

ericbadgley · 12-13-2007, 08:34 PM

In my state they have two days to respond unless otherwise stated in the contract, to respond to an offer. Otherwise the contract is null and void.

Banks take along time to get a responce, hang in there.

gregharaksin · 12-13-2007, 10:15 PM

You could give a deadline, but they don't have to respond to it.

DebbieJ · 12-15-2007, 09:54 PM

In Florida if an offer is submitted the seller must respond on or before the date in the contract. If it's a bank, no telling. I am currently working a short sale (I have the seller) and we submintted an offer to Countrywide and it took them about 2 weeks to tell me they would order the appraisal. From start to finish it can take 4-6 weeks.

If you have decided you don't want the property anymore, call the agent that submitted the offer. State laws are different. If you still want the property, patience