How long does seller have to respond to offer?

lexus02 · 12-13-2007, 04:28 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, 05:02 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.

Susan Zanzonico · 12-13-2007, 05:11 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.

lexus02 · 12-13-2007, 05:23 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?

AaronSOLD · 05:42 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, 07:34 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, 09:15 PM

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

DebbieJ · 12-15-2007, 08:54 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

gregharaksin · 12-15-2007, 11:16 PM

Quote:

Originally Posted by DebbieJ

In Florida if an offer is submitted the seller must respond on or before the date in the contract.

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

Bigtoe · 12-16-2007, 05:21 AM

Banks will sit on an offer hoping that more offers come in. Then they will negotiate all of the offers at the same time. Banks write their own rules and if you are in a hurry you should withdraw your offer and look for another house. It could be a couple of weeks to a couple of months before you get under contract with a bank depending on their bureaucracy..

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