Home Buying in Bloomfield>Question Details

Aiden08, Home Buyer in Bloomfield, NJ

How long do i have to wait if i put an offer on a house, its been a week and i haven't heard anything. Can i withdraw my offer?

Asked by Aiden08, Bloomfield, NJ Wed May 9, 2012

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Aiden08’s answer
Thanks Everyone. I spoke with my agent, he stated the buyer has not made up her mind because she has multiple offers. I told him to withdraw my offer even thou he said it was the most aggressive offer with 20% down. I feel skeptical about my agent, he's representing me (the buyer) as well as the seller. I think i made a good decision after all, time is money, who wants to loose out on these low interest rates.
0 votes Thank Flag Link Fri May 11, 2012
Aiden, maybe it is a blessing in disguise....wasn't meant to be because something better is around the corner. I found a steal of a buy in our area, if you would like me to email it to you, email or call. http://www.RealTerrific.com
Flag Tue May 15, 2012
Good job, Aiden08. Playing both sides of the fence--disclosed dual agency--can be dicey if not handled correctly. And, in your case, my feeling is your highest and best interests were compromised. So, as we say in the business, "On to the next!" Best of luck, Jonathan.
http://jonathancitron.yourkwagent.com
Flag Sat May 12, 2012
yes you can withdraw your offer .. follow -up with your realtor if they can not get you answer have them call the broker if no help withdraw the offer and find a different agent
0 votes Thank Flag Link Wed May 9, 2012
Aiden,

A week is a long time if it's not a bank owned home. Even if it was a short sale, the seller would have at least signed off at this point and you'd be waiting for bank approval but again, that information should have been conveyed to you. Where's your agent?
0 votes Thank Flag Link Wed May 9, 2012
Dear Aiden08,
Let's keep this simple and to the point: where is your buyer agent!? Have you contacted him or her about this? And yes, you can pull your offer.
Sincerely yours,
Jonathan
http://jonathancitron.yourkwagent.com
0 votes Thank Flag Link Wed May 9, 2012
Talk with your agent and ask him to check with why it is taking so long. There can be many reasons why sellers seem to be slow to respond. One that I am working on right now is an estate sale. The offer was presented by me to the seller's agent then to the executor who has to get the OK from 3 other brothers before the offer can be accepted or refused. In this case, the 3 other brothers live in 3 different states. Your agent should be keeping you informed. Good Luck. If it is the home you really want, it is worth the wait. Bill Eborn, Century 21 Gemini
0 votes Thank Flag Link Wed May 9, 2012
Offers should be presented within 24 hours of receipt by the listing agent. You ought to be speaking with your agent to see whether your offer has been presented. The seller does not have to respond quickly. However, you do not have to keep your offer on the table for ever. There are many reasons for it taking time to get a response from a seller. If you feel your offer has not been presented, you ought to speak with your agent and/or the broker in charge of his/her office. In some situations, getting an answer from a seller may take time. Sometimes sellers do not live at the property or negotiations involve several family members. Speak with your agent. Communication is the key. Don't get frustrated. Hang in there. But, do communicate frequently with your agent. When working as a buyers agent, if I am having trouble getting an answer, I always communicate that to my buyer. Your agent really should be keeping you in the loop. Good Luck! Robert Bruckner, Coldwell Banker.
0 votes Thank Flag Link Wed May 9, 2012
What does your agent say?? What do the terms of the contract say? Typically you give the seller a deadline to respond. If they don't respond by that time, the contract is dead, and you move on. Or if the deadline hasn't passed, and you change your mind, you can withdraw your offer. You really need to contact your agent about this. If you're dealing with a bank owned property, it may take a few days or a week to get a response. If it's a short sale, that's a whole other can of worms.
0 votes Thank Flag Link Wed May 9, 2012
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