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It just depends on the listing agent. I normally do not give a response time, or I haven't had to in years. There are certain agents that do require for me to do this - otherwise I believe they shop the offer. It doesn't happen often though. If I did, I usually give until 5:00 PM the following business day or noon the following business day depending on the clients needs.
Depends on the offer: REO, auction, regular, probate, short sale, multiple?.... The best solution is to call a listing agent and negotiate it before sending it in.
If the offer is expired, get an extension, or forget it, no use to present an expired offer.
I give them 24 to 48 hours to respond, depending on the circumstances.
I find out from the listing agent if the sellers are local or not. If they are 24hrs at most.
In my area, the norm seems to be between 2-4 days. Some agents don't care what number of days you put down to receive a response by... they seem to play by their own rules and sometimes get back to you after the time has come & gone. Happens mainly when it leans more toward a seller's market or if the property is getting many showings.
we're in a seller's market and the seller calls the shots.... we receive many that say upon presentation.... if the buyer wants to walk, he/she can....we go on to the next one and it's probably on the table anyway!!!! no one chokes any of our sellers in a seller's market....in a buyer's market, we stand at attention and respond.
As short as 12 hours and as long as 3 days (longer if the listing agent mentions likely delay in seller's response). Usually more than 24 hrs because most deals involve at least one party that is out-of-state or international and time zones come into play.
If it's a hot property and we're making a strong offer, I will give 24 hours and sometimes less. For most, though, I give 2 days. Occasionally with older sellers that are out of town and with no electronic access it needs to be longer.
The California purchase contract builds in an expiration in 3 days. Of course, if the buyer still wants the property after that, they have the right to wait longer. Generally speaking, if the listing side needs more time, they have informed the buyer side of that fact.
From Hours to days. It depends on the property, are there others my clients are interested in, How much of a hurry my clients are in. A lot of variables. I try and head off any issues by presenting the offers myself.
Spirit Messingham usually 24 hours works in our neighborhood. Sometimes they do request extra time and that's fine. And sometimes, in multiple offer scenario, the listing agents set the deadline.
After the showing I will call the listing agent to provide requested feedback, and will advise an offer is coming so please don't let your seller select before seeing this offer.
Are there special conditions or situations I should know? (Yes, if offer is below listed price it will force short sale) What is the time frame needed for a response? (Seller is on missionary trip to Kenya and may not respond this week?) Have you met the seller? (No.) Do the 7 people currently living there know where they are going to go? (not yet) Let me chat with my buyers, I'll call you back.
I like to communicate with the listing/buyer agent so proper expectations can be established. I like 24 hours as a good starting point.
About 24 hours.