Are you making an offer on a property that is a short sale because the seller owes more money on the mortgage than the home is currently worth? If so, the answer requires that approval of the bank.

If this is a bank owned property, the answer usually takes about a week or less.

If this is a standard offer to an individual seller, your offer should have contained a time limit that stipulated by what time and date the seller must respond, or your offer automatically expires. If you submitted an offer with no time frame, ask your agent to call the listing agent. You can let the seller know now that the offer will expire in 12 hours, 24 hours, 2 days or whatever you wish. Otherwise, the seller can just sit on your offer waiting for something better to come along.

The time the sellers have to counter varies state by state. In general though, 3 days is usually what is customary. If you are trying to buy a short sale or foreclosure though the time period is much longer. Typically 45 days but it can take months.
If you are looking at foreclosures or short sales you should make sure both the seller's agent and your agent are CDPEs, or Certified Distressed Property Experts. CDPEs close 80% of sales, untrained agents average about 10%. While short sales and foreclosures look promising they are very difficult, especially if the agents aren't properly educated and trained.

We just offered a little above list price, with no terms. We submitted Monday. It is now Wednesday and we have heard NOTHING!

Normally you have an expiration date on your offer so that the seller will respond on your time frame. It shoudl be on the front page of your purchase and sale agreement....

Sometimes you may never hear back! Don't stop shopping. I know if it is a foreclosure situation it almost seems the banks have no method for responding, and can be a long wait. Another situation I have dealt with is the list agent not presenting my offer because she was writing one herself! In Arkansas we can present our offers if sellers will allow and I try to every chance I get! If you don't get a timely response check your expiration. If they respond after the deadline, the ball is likely in your court( just remember your desire for the home!) Also, who knows what's happening in their life that could have delayed a response. When you are done waiting ask your agent to do a written termination. Chris

I agree with answer #1
I also would suggest that when you write an offer, you put a deadline in it.
If I am not writing an offer for a bank, my offers expire at 5 PM the next day. If they respond after the deadline, I reduce my offer.
Good Luck on your Purchase.
Rex Campbell

The Purchase and Sale Agreement should have that information. Usually you fill in the date and time by which an offer must be answered or the offer expires. If you and your Realtor did not include a deadline, then you may need to ask your Realtor to call the seller's agent to ask for a response. If the response is not forthcoming, then you can send an amendment that sets a deadline or simply withdraw the offer in writing. Verbal communications are not sufficient to alter a contract. Good luck.

In our state contracts (Arkansas), there is an expiration date for the Offer being made.

Who is the seller on the property? If REO property could be in a bidding war, however if a person has the property not a short sale apprx. 24 hours. What does your buyers agent say?
http://www.lynn911.com http://www.homes-for-sale-dallas.com