Generally, sellers would be more open to negotiation and selling fast. Sellers would get multiple offers on a house so they would take more time to get bids as high as possible.
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When a bank is selling a foreclosure or a short sale , the process can take up to a month. Because the sale involves a large institution like a bank, it will usually take longer for you to get a response.
If your offer is not the winning one, you might never hear from them. This happens if your offer is too low or the terms are too far from what is expected. In this case, most sellers would not waste time making a counteroffer. In other cases, they are seriously considering your offer but want to see others as well. They might ask for extra time to respond if they expect more offers to come in. Keep in mind that you can always withdraw your offer for any reason, including feeling that the seller is deliberately taking too long to respond.
A seller can respond to an offer with a counteroffer. A seller may dismiss an offer altogether if they believe it to be unreasonable, incomplete, or otherwise not in their best interests. Sellers may choose not to deal with offers well below the asking price — "low-ball" offers — especially if they have better offers on the table.
Sellers may also choose to ignore offers that contain what they see as unreasonable terms, such as little or no earnest money deposit or excessive seller concessions. Each side tries to not get too emotionally invested by keeping their options open. As silly as this may sound, you should treat the initial offer stage exactly like dating in a city like NYC.
Do the real estate equivalent of dating multiple people! To recap, you should never submit an offer and count on the seller to respond. You should always keep your options open by submitting offers on multiple properties that you like. The best you can do is to call and email the listing agent or seller repeatedly until you get an answer. How long does a seller have to respond to an offer?
Last updated on October 2, This article, and the Roofstock Blog in general, is intended for informational and educational purposes only, and is not investment, tax, financial planning, legal, or real estate advice. Roofstock is not your advisor or agent. Please consult your own experts for advice in these areas. Although Roofstock provides information it believes to be accurate, Roofstock makes no representations or warranties about the accuracy or completeness of the information contained on this blog.
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