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
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.
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,
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.
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!
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