There are several reasons why a seller may not respond, at least as quickly as you’d like: The seller or the seller’s listing agent may “acknowledge” receipt of your offer, but that’s not the same thing as responding to it. While most lenders have REO departments and specialists focused on selling property the bank has taken back, you’re still dealing with a large corporation instead of an individual seller.Īlthough it may seem like a bad way to do business, the fact is that a seller doesn’t have to respond to an offer. REO sales (or real estate owned by the bank) can also take a little longer to receive a response. That’s because, in addition to the seller accepting your offer, the lender has to approve of it as well. With distress sales like these, it can easily take a week or more to get a response to your offer.

But by tactfully asking why it’s taking so long to respond, you or your real estate agent/Realtor can learn if the seller is seriously interested in your offer, or just playing games. On the other hand, in a seller’s market, the owner may feel no need to respond fast because it’s a relatively sure bet that other bids will come in.Ī seller’s personal circumstances – such as being in the middle of a divorce or having to relocate for employment reasons – also affect how quickly or slowly a seller responds to your offer.Īs a buyer, you have no control over situations like these. In a buyer’s market, where sales are usually few and far between, you can normally expect a quick response from the seller. They may need time to think about it while hoping that in the meantime other offers will be presented. The seller may not be thrilled with your offer but isn’t quite sure about how to respond. Other factors affecting seller response timeĪlthough expecting a response to your offer within 2 to 3 business days is a good rule of thumb to follow, there are several other factors that can affect how long it takes a seller to respond: When an offer is rejected in writing, it’s usually a sign the seller thinks the buyer is qualified, but just might be “testing the waters” to see what the response is. A written rejection to your offer is oftentimes a signal from the seller to “try again” by keeping the lines of communication open. Having your offer rejected isn’t necessarily all bad, at least if the seller rejects it in writing. Common offer points sellers frequently counter include purchase price, amount of earnest money, and length of time needed to close escrow. With a counteroffer, the seller agrees to some – but not all – of the terms in your offer. As the buyer, your next step is to open escrow and schedule a home inspection.Īnother good response is that the seller counter offers your original offer. All of the terms, conditions, and contingencies in the purchase contract have been agreed to by the seller without any changes requested. This is an ideal outcome for a buyer making an offer.

Regardless of where you’re buying your property from, there are three ways a seller can respond to an offer: However, most sellers will extend the common courtesy to a buyer and respond in writing within 24 to 72 hours (or three business days) from the receipt of the offer. Unfortunately, there’s no rule about how quickly a seller has to respond to your offer. In this article, we’ll discuss how long a seller has to respond to an offer, and also talk about some key offers strategies for sellers and buyers to follow. Not only is it a frustrating situation to be in, but the seller can end up keeping your hands tied while other good deals pass you by. Unless, of course, you’re trying to buy a property and the seller is taking forever to respond to your offer. Like the song goes, “Time is on my side, yes it is.”

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