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Richie Alan Naggar author PEARLS FOR THE SOUL .com Books on usually, we give about a day to respond. As you mentioned, this can vary.
Now-a-days, the listing agents are setting deadlines for receiving offers..
Nina Hollander, Broker
Richie Alan Naggar
it should be included and the time length depends on the market condition at the time.... in a seller's market, the buyer is not likely to get a quick response... in a buyer's market, the seller better grab it and run...
Nina Hollander, Broker
Richie Alan Naggar
Yes, and it depends on the buyer and seller as to timing.
In Florida it's required, it's included in the response and it's very tight. one minute over the time and the contract is DEAD.
Never. A seller can always select another offer. Deadlines limit buyer responses.
Drop dead clauses can just make an offer DEAD.
Richie--I always include a dealine of 12-24 hours. How much depends on the time of day I'm submitting an offer and the day of the week. If I submit on a Friday, I don't want the sellers waiting for weekend showings to see if they can "shop" my clients' offer for a better deal. I want sellers negotiating with us in good faith right up front. Afterall, we submitted an offer in good faith.
Depends on the sale. If it is a multiple offers situation, or a short sale/REO~ there is no sense to add a deadline. I usually leave it at default: 3 days, but I keep in touch with a listing agent.
We have a response deadline built into our contracts. If the seller takes longer to respond, the buyer can still proceed forward with the contract. I like having that in there. That way we do have a date in which to work from and to get the seller motivated to respond.
Dates are always important in any contract or understanding. Requested response time depends on the circumstances, usually between 1-3 days. If the seller does not respond in time, the buyer has the right to change the terms after the deadline.
I like a medium time frame. If it is too short I feel like it is pushing the seller. If it is too long it makes it seem that the buyer is uninterested. Just right is a couple of days to me.
It's mandatory. How else would we know how long is the offer good for? Forever?
I like my deadlines tight but usually the Seller dictates.
I usually only put a time limit when I have not had the best experience with the listing agent previously, or if the buyer needs an answer right away. Our market is not in such a way that we have to put a time limit. Most Agents here are respectful and try to get back with you quickly.
Richie Alan Naggar author PEARLS FOR THE SOUL .com Books on It depends on the market and your buyers. What are your buyers comfortable with? They should be willing to wak away should the deadline not be met
I usually give a 2 day deadline in my contract offers.
Depends on what the market is for that price range and area.
Most often it hurts more than helps. In bank owned or short sales tit can make the offer dead on arrival. In owner occupied sales simply speaking to the listing agent and asking when it will be presented and when they may here.
When making AN OFFER TO PURCHASE you must consider if your offer is to good to pass up. If so, an 8 hour response, if presented in the a.m. is not unreasonable.
If the offer is weak and loaded with contingencies, you need to add 'seller convenience' to the offer in addition to lifetime car washes and a gift card for Domino's.
Be aware, a purchase offer attempting to pressure a seller has built into the offer the seller response which is to ignore your offer. Let the time expire and you have your response.
What should you do? Pick up the phone and call the listing agent. Then structure your offer, using real sales craft, to communicate to the listing agent and seller what their next step should be if they wish to proceed. You do this by using precise numbers and avoiding the markers of inexperience.
When one party is a agent or a REALTOR and refuses to acquire sales craft, you may end up with no one to communicate with on the other side.
Tight or liberal depends on the outcome you want and the directives of the one representing the seller. And ALL contracts MUST contain a date.
Be prepared for all pressure offers to be responded to with 'Seller out of time, or can't be reached or will review in three days' so don't fall in love with the short response tactic.
Right now in Denver the present time is generally listed in MLS, and even though it could be one day or three days out, buyers will wait.
The answer really depends on how tight you want or need it to be. Do you have multiple offers you are trying to decide between? Is this the first offer you've received after a long period on the market? These are the types of things I would be sorting out when trying to answer this question.