Just made an offer on a house? Make sure you understand how long the process can take.
You finally found your dream home and have decided to make an offer on it. With the help of your real estate agent and lender, you determine the amount and terms of your offer. Once you’ve sent the offer to the seller, you have the difficult task of waiting. You may be wondering how long they have to decide whether to accept or decline your offer. Here’s what you should know.
How long does the seller have to accept or decline an offer?
It depends, but it is typically around 48 to 72 hours after the offer has been submitted. A standard real estate purchase contract specifies how much time a seller is given to consider and act on an offer. As a buyer, you too can decide how much time you are giving the seller to consider your offer. However, the needed timeframe can be much longer if a bank is selling the property, such as in a foreclosure or short sale.
What if the seller has several offers?
In a seller’s market, multiple offers are common. The seller has the luxury of mulling over the offers. They can either accept the highest offer or they can counter one or more offers, trying to see how high they can get each buyer to go. As you may suspect, this can take some time.
What happens if the seller misses the deadline?
If the seller doesn’t act on an offer before the deadline, the offer will expire. Once that expiry date passes, the buyer is no longer obligated to honor it.
When you’re looking to buy a property and fund your dream home, contact Andraya Coulter. I serve the Bay Area and the entire state of California and Texas with quality, suitable home loans!