Home Buying in 36575>Question Details

kw, Home Buyer in Semmes, AL

How long does it take to find out, typically, if a seller has accepted your offer?

Asked by kw, Semmes, AL Mon Jul 2, 2012

We put in an offer on a house and called the next day to find out the status. We found out there were multiple offers on the house and I was wondering how long it usually takes to find out if they accept your offer or not? and will we find out, even if we didn't get the house?

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It will depend on who the owner is. If it’s a bank, it can take 3-5 days or even more at times. If it's a short sale, I have seen them take as long as a month to get an answer back. If it's a HUD and Fannie Mae Foreclosures you will generally get an answer within 24 hours of your bid once it's available daily. Generally when a multiple offer situation occurs, the agents are given a certain time frame to have their buyers highest and best offers submitted to the selling agent. Once that time frame has expired, all the offers are then presented to the seller. The seller will usually respond with an acceptance or counter within 24 hours.
1 vote Thank Flag Link Mon Jul 2, 2012
For REO properties, those often take several days. When there are multiple offers, the Lisiting Agent will usualyl ask for the "Highest and Best" offer from each buyer.

The best advice is to ask your Buyer's Agent since they are the most familiar with your specific transaction.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Tue Jul 3, 2012
As Leanne stated, "It depends on who the seller is."
It is a time of anxiety waiting for a response.
Best of success in getting the home you want.
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL
0 votes Thank Flag Link Mon Jul 2, 2012
There should be a deadline date on your offer for a response. If there are multiple offers, the seller.normally will call for highest and best. If you bid too high, then the home may not appraise.
0 votes Thank Flag Link Mon Jul 2, 2012
Hi kw,

Your purchase contract (offer) should have an expiration date on it. In CA, it is usually 3 days from date of offer - unless stated otherwise.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Mon Jul 2, 2012
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