1st off, which we declined out of hand, got it at 5pm, they needed to know by 2 the next day.
New offer, I got the offer at 9p last nite in my mail, I was asleep, saw it at 4a this morning, they want an answer by 1 tomorrow. Is this how this is done? I am new at this.
ETA- ok, maybe a bit more than 24 hours, but still.
Did they say why?
Nope, and they won’t be even viewing the property (inside) until about 3 tomorrow.
I’ve bought and sold 3 or 4 properties over the last 5 years and every offer and counter offer made generally needs an answer in 24 hours.
I use the “needs” a little loosely, though. I’m sure you can tell your agent you need a few more hours or half a day to make a decision…but…
They basically, don’t want you sitting on the offer wasting their time. You have an idea of what you really want to sell it for, if it isn’t the right number you want, just tell them. They don’t want you keeping this offer in your back pocket waiting for a better offer to come along. That would be construed as a little rude.
Really, I’m not sure why you can’t make a decision on the offer more rapidly. I can understand if you need some time to confer with your agent or craft a counter offer or talk to a spouse. But essentially, did they offer what you want? If yes, accept…If no; then counter offer or outright decline.
They may be about to sign the property over to a bank if they can’t show proof of a reasonable offer. But it sounds like a recipe for disaster if not some kind of outright scam.
ETA: Looking at** Sigene**'s response I’m thinking the OP meant the offer is good for only 24 hours, otherwise the price may change.
(Realtor here) It is not unusual for a short timetable to be included with an offer. Remember, the longer the time allowed by the buyer, the more likely some other buyer will show up with a better offer and shoot the first guy down.
It is unethical for a seller’s agent to reveal the offer details to anyone else, but it is not unethical for the agent to, upon receiving a bonafide offer, call up any other interested buyers and inform them of the offer, encouraging them to hurry up and present another. After all, the seller’s agent is working for the seller, and anything he can legally and ethically do to get a better deal for his client is desirable.
Which is why all sellers, if they have a property on the market, should remain in close touch with their agent. I have had sellers who, after listing a property, immediately embarked on a long camping trip in the wilderness where there are no cellphone towers. Bad idea; don’t do this. Your camping trip could be quite costly.
Pretty sure that OP is talking about offers to purchase not sell.
Generally when you list property, you put forth a listing or asking price. Buyers then put in offers.
Depending on the market conditions, if it is a buyer’s market, a 24 hour response time is not unusual. The buyer wants to know the sellers level of interest to negotiate, otherwise they want to move on to their next best option.
Do I have to say yes or can I counter or request changes to one of the parameters of the offer by that time? They want me to pay for a home warranty.
ETA, my agent is a bit of a neophyte.
If your realtor can’t answer that question then they shouldn’t have a license, istm.
You can do whatever you want to do, the offer restrictions are not binding on you. The buyers may walk but if you don’t want to accept the deal at the price offered, feel free to respond with a counter offer.
:smack: Should have been obvious.
They are bound by the terms of their offer until you decline or counter, or the time expires (or they rescind). So you have freedom to act during this time, but they don’t. You can entertain other offers, but they can’t make other offers (assuming they only want to make one purchase). If you accept, you have a deal. If you decline, there’s no deal. If you counter, then that is you declining (so they are not the ones on the hook anymore) and making a new offer. So, if you counter, you’ll become the one who can’t make another deal while your counter offer is pending. (So a deadline might be important.)
That’s a non-monetary way to get you to reduce the price, the same as if they asked you to replace the (shag) carpet.
See how much a home warranty costs, if (offer price - cost of home warranty) acceptable amount to you then accept their deal. Maybe you counter with a credit for 50% of the cost of the warranty.
You can say yes, and you then are under contract at their terms.
You can do nothing and their offer will expire at the end of the 24 hours.
You can counter with your own offer, which is the same as rejecting their offer, which is then no longer available to you.
As far as paying for a home warranty, that is very typical. Premiums for 1 year, will typically range from a $200-600 depending on the sales price of your home. Sometimes you can get the realtors to pay for this our their commissions.
I agree with this.
It’s all well and good to ask questions on message boards, but you’re paying a professional potentially a lot of money to know this stuff. If they don’t know this kind of obvious stuff, what else don’t they know?
I’m going through this on the buyers side.
Basically everyone is correct, this is pretty normal if the offer is over a time where it might be hard to make a decision it’ll get a delayed a bit. I put in a late Friday night offer with an acceptance deadline of early Monday morning and that 60 hours is the most I’ve given.
One thing to note that the deadline is only for acceptance. If you’re going to counter then it’s meaningless. So like I said above I gave them until say Monday morning at 10 am to accept, they could wait and counter at 5 pm Monday night and aside from me moving on to another property there is no consequence.
That is indeed how it’s done. Out of curiosity, why would it take you longer than 24 hours to respond to an offer to buy?
The obvious reason would be that you’re hoping for a higher price but don’t want to decline the current offer in case that doesn’t happen. I can also imagine conditions on an offer, like the timing of the handover, that may or may not require changes to the seller’s plans that need to be investigated.
It’s below your asking price; want to see if something better comes in; especially if you know there are more people coming to check it out &/or an open house soon.
Assuming you meant “out of” rather than “our”, don’t count on it if it wasn’t offered in the first place.