How long accept offer house

If you completed paperwork on Monday at 2 p. An exception to the 48 to 72 hour norm is when a bank is selling the property, either due to foreclosure or as a short sale. In this case, a response can take longer — anywhere from five days to a month or more. Learn about how offers work and get the best deal with a Partner Agent. Submitting an offer on a home can feel like a first date — will they call?

Will you get a second date? Will you get ghosted? After you submit your offer, the seller can either accept the offer as is, counter your offer, or simply not respond. This is the easiest scenario and then you can move on to the next step, requesting a home inspection and negotiating repairs. They may ask for more money, an earlier closing date, or removal of a home sale contingency — a relatively common stipulation you must sell your own home in order to be tied to the contract.

If a seller submits a counteroffer, the clock starts over and now you have 72 hours or whatever amount of time is noted in the counteroffer to accept, or re-counter. The seller may simply let the deadline for their response pass by without contacting you at all. In this case, it signals that your offer was way off the mark in the eyes of the seller. This gives the seller leverage to negotiate to get the best terms possible. Sign up to My Move to shortlist your favourite properties and setup property alerts.

Request for one of our local property experts to visit your property for a free valuation with no-obligation. Our local lettings experts will talk you through the local market, the rent you could achieve and our 3 service options. Embrace Financial Services usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Receiving offers on your property can be a very exciting time, but it is always good to keep level-headed to make sure you get the right offer for you. There is no need to accept or reject an offer straightaway, it is perfectly normal to think things over for a day or two.

You could even check local sold house prices to get an idea of what other properties in your area have gone for. It is a good idea to find out from your estate agent the buyer's position first before making any decisions as there are other important factors to keep in mind when deciding who to sell you house to.

Here are three key questions to ask are:. It is worth knowing what position the buyer is in. Find out whether the potential buyer has to sell a home in order to move, as this could delay speed of sale. If they are a cash buyer, this is often seen as a positive as it suggests a faster sale. If they are not a cash buyer and need a mortgage for the sale, it is worth asking whether they have a mortgage in principle approved.

If you have offers that are quite similar in amounts, this information could be very useful. Similar to the buyers financial position, it is good to get an idea of what sort of timescales the buyer is looking at in terms of completing the sale.

Are they currently part of a chain? Depending on how big the chain is could add delay to completion. If the buyer is a cash-buyer of first-time buyer it might be worth asking how quickly they are looking to move and how flexible they are on a move date. In that case, you can withdraw the offer and receive your deposit if it meets any of the contingencies in the contract.

For example, if the home inspection uncovers significant defects, you can usually withdraw your offer as long as that was a contingency in your contract. If there isn't a contingency that covers your situation and the purchase agreement is signed, you may lose your earnest money deposit if you withdraw your offer. You could also face legal action. If all parties haven't signed the purchase agreement, the seller can back out. Otherwise, the seller can back out if a contingency isn't met or the buyer agrees to let the seller out of the deal.

Otherwise, the seller could face legal action for not completing the contract. California Association of Realtors. Accessed March 30, Texas State Affordable Housing Corporation. Wells Fargo. Quicken Loans.

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Develop and improve products. List of Partners vendors. You may hear back in five days or you may have to wait a month or longer for a response. Certain states, like California, allow you to set time limits that determine how long the seller has to respond to your offer and your real estate agent will be aware of how these legal limits work in your state.

This may appeal to those in a rush or who have a few different homes on their wishlist. If you find yourself interested in more than one home, you need to know where you stand so you can make other offers if necessary. To keep things moving along, your agent will work with you to set a contractual time limit on your offer.

If the seller surpasses this limit, the contract becomes void and the buyer must present a new offer if they still wish to continue the process. On the flip side, if your time limit is too lengthy, that gives other buyers a chance to swoop in and make an offer. Again, consult your real estate agent here. Orchard can help you make a stronger, all-cash offer.

Enter your current address to see if you qualify. If the seller comes to you with a counteroffer, the timeline to nail everything down will vary as you may volley the offer back and forth while you work together to find an offer that satisfies both parties.

What happens if the buyer does not accept a counter offer? Usually the seller is just as eager to move the process along as the buyer, so any delays tend to come down to how quickly the two real estate agents coordinate communication with their clients and each other. To speed up the negotiation process, know what your priorities are before you even begin.