If you are buying in area code 91706, then your agent will be using a CA purchase agreement for your offer. The answer to your question depends on the time frame specified by your Realtor on page 8 of the offer â€“ Section 29: â€œEXPIRATION OF OFFERâ€. If your agent did not fill this section out, then the contract defaults to 5:00 p.m. on the third day after the offer is signed by the buyer.
Some listing agents disregard this part of the contract and take as long as they choose.Quite frankly, itâ€™s a rude practice. Others will communicate with the buyerâ€™s agent and get written or verbal permission to extend their response beyond the 3 days.
Technically, your offer is void once the 3 days expire.
The Listing Agent should respond to your agent within 3 days - unless you requested a specific time in the purchase contract. However, the only thing the Listing Agent will let you know in that time period is that the seller accepted your offer, is countering your offer, or is rejecting your offer. If the seller accepts your offer, the Listing Agent will then forward it to the seller's lender for approval. Approval by the lender/investor could take anywhere from 24 hours to a couple months. All lenders are different. I've had some short sales approved in 24 hours and some in 2 months. Once the lender/investor approves your offer, the Listing Agent will let your agent know and then you have the escrow time to close.