I live in MD and Mrs. Lover and I put in an offer for a foreclosed property 2 weeks ago today. The agent representing the property works for the same real estate company as our agent showing us the property. So far we have not heard whether or not our offer was accepted, or even that they were considering it. Our agent is pushing the other agent to have the owner (a bank) make a decision. We have a closing date in 2 weeks and still need a home inspection, etc. Can they do this? Is there a defined amount of time from when an offer is made until when a decision is rendered? We love the house, hate the process.
Your offer should include a time limit in it. If it doesn’t, they can take as long as they want (AFAIK, IANAL), unless you rescind the offer before they respond.
Is your agent a buyer broker? If so they should have advised you to include a time limit, or perhaps the offer does indeed have one in the boilerplate.
Umm, you scheduled a closing for a property that you don’t have a contract on? Seems a bit premature, but YMMV. Don’t forget the lender (assuming you aren’t purchasing with cash) will probably require some time to get his ducks in a row (appraisals, title searches, etc.), and 2 weeks seems a bit short. Additionally, you don’t want to be put in the position of having to rush through your home inspection just for the sake of meeting a closing date. I’d cancel the closing and reschedule after you have a signed contract and home inspection.
As far as your question about the offer, without any time limts, the general rule is the offer stands until accepted (or counter offered) by the seller, or revoked (or modified) by you.
In my experience, a standard real estate contract has (or should include) a clause stating that the offer is good through a specified time on a specified date. It also has (or should have) clauses stating how long the buyer has to do the home inspection, anticipated closing date, etc.
Check your copy of your offer. In my case, the “offer good through” clause was on page 1 of 8. Also check with your agent (who is in a buyer’s agent relationship with you, yes?) and your lawyer (if you are using one).
As others have stated, your offer should have included a timeframe for which the sellers have to either accept or decline or counter the offer. 48 hours isn`t uncommon. 3 days to a week is probably more the norm. Your agent should know exactly what is going on. Get on the blower with him/her and straighten this out before it goes another day.