1. The seller responds to your offer. The seller should get back to you within a few days, and there are three potential responses: an acceptance, rejection, or counteroffer. The seller might ask for more money, a larger earnest money deposit, or a specific date for the buyer to take ownership.
When will I know if my offer has been accepted? You'll usually get a response from the seller in two to three days. However, the seller isn't obliged to respond if they have received multiple offers.
Legally speaking, there isn't a time frame sellers must respond to your offer. However, it's an unspoken rule in the industry that sellers and/or the listing agents should respond within a few days, with 48 hours the norm.
Your closing is typically 30-45 days after the offer has been accepted. It also depends on the deal that you negotiated with the sellers of the home. A closing day is a big event. Once all of the papers have been signed, and all the checks have been written, the house will be transferred into your name.
After your offer is accepted and you go under contract, you'll need to complete your mortgage application, have a professional home inspection done, pay for an appraisal required by the lender, have a title search conducted, and review and sign numerous legal documents before you can assume ownership of the property.
A week is standard, but feel empowered to ask for the time you need to make a well-informed decision. Lai said that there's no exact number of days candidates have to think an offer over. “For some people, one week might be too short. For some people, one week is too long.
Your offer price may have been too low or too high, or they may have simply received a better offer. Other reasons could include the listing agreement commission structure, specific contract requirements, or personal reasons.
While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.
Most sellers hope to have multiple offers, but sometimes it's best to take the first offer you receive. May 22, 2023, at 2:19 p.m. It may be tempting to hold out for a better price when selling your home, especially when your home is newly listed.
In theory, sellers can take as long as they want before responding to an offer, but most listing agents get back to buyers within a few days. For the most part, 24 to 48 hours seems to be the standard observed by most sellers and their agents, but there are some exceptions.
Well, that's not the case. Securing the winning bid on a house isn't always as straightforward as accepting the highest dollar amount. In our experience, there have been countless scenarios where the highest offer wasn't the one accepted by the seller—This is because the highest offer isn't always the strongest buyer.
Typically, when a seller rejects your offer they come back with a counteroffer to potentially negotiate a deal what works better for them. If your offer is rejected without counter, it might mean that your offer was too low to be considered by the seller.
The average number of showings for a house on the market
You may find that the number of showings for your home on the market can vary greatly depending on its features, location, pricing, and other factors. Generally speaking, you will likely get an average of around 5-12 showings to find the right buyer.
If a person agrees to all the conditions of an offer made to him without placing any counter-condition, the communication of such assent to the offerer is called an acceptance, provided it's done with the intention of accepting the offer. Sometimes, the conduct of the offeree may constitute expression of acceptance.
Bottom line. “Generally, a seller can't cancel without cause,” Schorr says. “You could build in some contingency, but absent that, you had better be committed to the sale.” Reneging because you fear you underpriced the house, or you actually receive a better offer, doesn't count as “cause.”
Because no one can force a seller to sign (contracts must always be signed freely and without undue influence to be binding), a seller doesn't have to accept even a supposedly "perfect" offer.
Home sellers aren't obligated to accept any offer on their home—no matter how much money it's for.
There's no reliable formula here. Typically, a low-ball offer is at least 15% to 20% lower than the asking price: offering $240,000 on a home valued at $300,000, for example. But sometimes a seller may be asking too much. If you can back up your offer with market data, you're making a serious offer.
So long as the seller is not bound by a sales contract, the seller may be able to change the asking price.
Yes, it is certainly okay to have multiple offers on a house. In fact, Dennis Shirshikov, a Strategist at Awning suggests it is a good thing as you are likely to receive a better deal for your property. 'It's absolutely ok to have multiple offers on your house and can be quite common in a hot market,' he says.
While three weeks or so is the average time it may take between an interview and an offer, it can depend on your location and sector. For example, Glassdoor found that Washington D.C., took about nine days longer than the national average (33.2 days).
However, in most cases you can expect to hear back with a formal offer within 1-3 weeks after being notified you are the selected candidate. Some companies may expedite the offer process and make an offer within days, while others may take longer than 3 weeks if there are extra approval steps or paperwork involved.
The amount of time you wait for another job offer before accepting a current offer may be determined by the current offer's requested start date or the employer's preferences. Typically, a candidate has a week to accept or decline an offer, so you can use this as a timeline to hear back from another employer.