Hello David.
Negotiations can take as little as an hour or as long as two weeks. It really depends on the level of motivation between the two parties.
Should you wait? Waiting is a way of representing that you are not that motivated. A strong negotiation tactic, but one with risks. The seller can always get another offer while you wait...
Good luck with your negotiation,
Ken

David. There are no hard and fast answers to your question. As you have seen by the other responces, there are many vairables to the equation. Regardless of the price and where your offer initially started, it is always best for YOU to know where you want to end up. I always advise my clients to have in mind the top end limit of where they will walk away from the deal/home and not have any misgivings about their decision. By knowing your limit, you can reply to any counter offer by the seller as quickly as possible. Keep the ball in their court. Let time work for you. However, if they can't get back to you in 24 hours (assuming the sellers are in town or have no unusual circumstances inhibiting communications) then I would begin to wonder about their sincerity in negotiating or perhaps suspect another offer on the table. Stay focused on the purchase of a home and don't let used appliances or a swing set get in the way of the deal. If the motivation of the buyer and seller are high, you should be able to put a deal together amicably in several hours. When the motivation is low on one or both sides of the deal it could take weeks!

David,

Since this is a buyer's market, in general, you are in a good position to wait a day on your reply to the seller's counter offer. This may make the seller worry a bit and be more inclined to accept your counter. However, the specifics of your situation will determine the amount of time it will take to negotiate agreeable terms. Specifically, your negotiating time will depend on the seller's first counter offer to you, and your determination to get this home. Let your Realtor help you with the negotiations. Your Realtor has had experience doing this many, many times under all sorts of scenarios. Your Realtor will know how to read the situation and will be able to give you specific advice. Even today, homes that are priced right are receiving multiple offers. So - take care not to drag it out too long, or you may be outbid by another offer. Best of luck.

Each offer is different. I think being the buyer, if you have all your facts together and your offer is in line with the current market conditions it should go fairly quickly.

The time it takes to come to an agreeable price is determined by how far apart in price you are, how reasonable both sides are, how well you comunicate your desires to the real estate agent involved and how she/he handles the negotiations. There is no specific time allocated in our sales contract but it is expressed as "time is of the essence" so that everyone should be working towards a conclusion in a reasonable amount of time.

A buyer or seller can withdraw their offer or counteroffer anytime before it is accepted by the other party. All parties to this contract should be able to give some response, even it it's a reason why they haven't decided within 24 hours, in my opinion. Your agent should be keeping you up to date throughout the process.

What are you waiting for?

I wish the answer were simple but there just is not a rule of thumb these days. Is it a sale by local seller not upside down in the house, is it a short sale or foreclosure, is the seller out of town or entertaining other offers, is the property new on the market, how good is the total offer? Are you working through an agent and, if so, what has the agent advised.

Can you provide a little more background and we can try to give you more accurate input.