Home Buying in Lansdowne>Question Details

Kayskees, Home Buyer in Lansdowne, PA

I recvd offer on my house & countered it What is normal response time from buyer to accept/reject counter? 3 days lapsed.Should we follow up?

Asked by Kayskees, Lansdowne, PA Tue Jun 14, 2011

w/Agent? My Agent (Im the seller) didnt want to follow up w/ buyers Agent after 3 days passed when we countered their offer. He said it will look desperate. We received a counter to our offer which was very low still. he said it was because we approached the Agent and didnt wait it out. How long are you supposed to "wait it out"? What is the normal response time?

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10
You are in charge. Tell your agent to follow up, period.
0 votes Thank Flag Link Fri Dec 9, 2011
unwritten rule is 24 hours to respond. 3 days is far too long
0 votes Thank Flag Link Fri Dec 9, 2011
Good afternoon Kayskees,

Basically, you have two issues:

1. There is no required response time unless stated on the Agreement Of Sale. In my opinion, your agent should have had you state a written response time on the Agreement Of Sale's counter-offer; and,

2. If the seller does not accept an offer as presented, I believe that the offer becomes null and void. You may never receive a response to your counter-offer.

Keep in mind that while you are waiting, not to look desperate, the buyers may be wait to see if you'll become desperate and accept their original offer. In the meantime the buyers may find another home they'd like to purchase instead of yours. Good Luck, Steve
0 votes Thank Flag Link Tue Jun 14, 2011
Buyer may be weighing options and previewing more homes to see if they can find anything more appealing before responding to your counter offer, You should have your agent contact the buyers agent immediately to find out if there is still interest in your home. Did they give a good faith deposit check with the offer? Did they put a specified amount of days in the agreement for responses?
0 votes Thank Flag Link Tue Jun 14, 2011
Kayskees,
You could be waiting forever if there was no response time put in the counter-offer. At this point, following up with a deadline for their response to you is probably the best way to follow-up without looking desperate. This is a classic example why there should always be a response time put into an offer. You don't want to look desperate, because buyers nowadays will take full advantage of that. A lot can happen between the time an offer is made and a ratified contract., especially in today's market.
0 votes Thank Flag Link Tue Jun 14, 2011
Hello,
I would have to agree that anything over 24 hours is too long. Your contract may also have verbiage in it that puts an expiration on counter offers.

Best of Luck,
Nancy

Nancy Doyle
239-209-2237
nancy.doyle1@comcast.net
http://www.nancyd.listingbook.com
0 votes Thank Flag Link Tue Jun 14, 2011
Kay,

Playing silly games with a transaction can result in disappointment....The reality of most offers in today's RE market is that they are going to be low and have no connection to how long the seller takes to respond.

A formal written purchase offer and counter offer should specify the amount of time each party has to respond. Your numbers should be based on defendable data, as should the buyers.

The fact of the matter is that if all buyers and sellers played the waiting game, very little would get sold. A motivated buyer with interest in several area properties could very easily lose interest and move on to explore other options if presented with the a lengthy waiting period.

In my opinion, it may be best to strike while the iron is hot rather than waiting until the trail is cold.

Good luck,

Bill
0 votes Thank Flag Link Tue Jun 14, 2011
Hello Kayskees,
I believe that 3 days to wait for a response to a counter offer is too long particularly in this market. I definitely suggest that you contact your agent and have them call the buyers' agent to determine if they are still considering your counter offer. This is not considered a "desperate" attempt to sell but a call for information to determine if the buyers still have interest as it sounds to me like the buyers have moved on.
I follow up on all offers usually the next day to keep the process moving along and to stay informed.
Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Tue Jun 14, 2011
I would always recommend following up with the other agent after 24 hours. It is simply professional.
0 votes Thank Flag Link Tue Jun 14, 2011
Hi, there is nothing wrong with following up on the offer. The whole idea of waiting it out just to let the other side know we aren't desparate is ridiculous in my eyes. Obviously all parties want the deal to happen because they entered into a negotiation to begin with! I would follow up after 24 hours, strike while the iron is hot. Otherwise time goes by, more houses come on the market, and buyers walk away. I recently had this happen to me.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Tue Jun 14, 2011
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