On the other hand we know of situations, when the seller has rejected an offer on a property the buyer really likes, when the buyer has nformed the seller that their offer "stands as presented" until they find another property and have an accepted offer on it.
This time period gives the seller a window in which to seriously consider their options. It's suprising how often the seller will reconsider.
The Eckler Team
Your question is a great one, and a frustraiting part of buying a home in todays internet driven, limited communication enviroment we realtors find ourselves in. When i represent the buyers i generally put a 48 hour timeline on the offer, a REALTORÂ®, which by definition means a Real Estate Agent who is part of the National Association of REALTORSÂ®(all agents are not, often REO agents are not), anyway a REALTORÂ®, has a "Strict" code of ethics, one of those codes is Standard 1-6
REALTORSÂ® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95)
"as quickly as possible" does that mean, agents can sit on offers? I sure don't think so. Does it mean agents can't respond to their colleagues about the offer received, again I think not. BUT, over 80 times last year with the buyers i have represented who made offers on both REO's and Short Sales, we had no confirmation of the offer received, we had no communication as to if the offer was presented, we had nothing. If fact many times I as the agent had to enter the offer into a web-based software that "supposedly" was updated to the minute...but every time we put in an offer on an "active" property per the MLS it seemed the property was always "pending" on the software...
My point is, we as agents can't allow this to be a part of the real estate picture, NOR can you as a buyer or seller, we must demand the highest level of professionalism, which includes clear, concise communication! How do you demand it, well that is the bummer, you have to take the time to write emails to the Association about the agent whom is mis-representing the property on the market. You need to force the Local Real Estate Associations hand and at keeping their members of the highest quality.
I have a blog in draft write now about this very topic, once proofed it should be active soon. You might enjoy reading my blog. Check it out, or become a fan of it.
If you and your Realtor are using the standard California Association of Realtors (or CAR) purchase contract, on page 8, paragraph 31 of the contract, "Expiration of Offer", the offer expires at the end of the third day after the date of signing by the buyer OR the date specified on the contract. Once this date passes, the offer is deemed revoked, and all funds collected will be refunded promptly to the purchaser. To determine the exact date when your offer expired, check your copy of the offer you signed or discuss this matter with your Realtor.
Typically, a seller will will either accept or accept/counter offer on price and conditions rather than simply to allow the offer to languish without a response. Perhaps the listing agent did respond or became ill or the seller is out of town. Your agent should be contacting the sellers to determine what decision, if any, was made on your offer.
Grace Morioka, SRES, e-Pro
Area Pro Realty