In your purchase agreement there is an expiration date. Validating standing time period of the buyer's offer. Generally, the buyers will ask for 3 days. There is no guarantee that the sellers will respond for variety of reasons. This is especially true if home has multiple offers. In West L.A. prospective buyers need strong offers. Include lender Pre-Approval or if all cash Source of Funds.
Gail Mercedes Cole
EXP Realty Marina del Rey
Your Westside Homes
As some other answers noted, foreclosures have a whole other turnaround time, depending on which bank it is, and the asset manager. That said, there are maybe only 1 or 2 foreclosures on the market in Venice at any given time, as the market held recovered very quickly after the recession.
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That depends upon how the California Purchase Agrement was filled out and what kind of sale it is. In a Standard Sale, normally you will get an answer in three days. If there is a differnt time frame,or other circumsances your buyer agent should be able to advise you
Most of the time I think there are counter offers.
1. Your offer is significantly below the seller's desired price. I have seen sellers "get insulted" by low offers and refuse to respond to them.
2. There are multiple offers and the seller accepts another offer.
3. The listing is a short sale and it is clearly stated that further offers will be held in backup postion in case the current offer is rejected or the buyer decides not to purchase the property.
There are many more examples of why you would not receive a counter offer. Hopefully, in any or all of the above cases, the listing agent will have the courtesy to contact your agent and let them know the status of your offer. Unfortunately, that is usually not the case if the listing is a bank owned property (aka REO).
If you have written a reasonable offer and have not heard from the listing agent, have your agent follow up on your offer. That is the only way you will know where you stand. Good luck with your home purchase and Dare to Dream.
Shel-lee Davis, QSCÂ®
Certified Distressed Property Expert â€“ CDPEÂ®
Short Sale & Foreclosure Resource â€“ SFRÂ®
Certified HAFA Specialist â€“ CHSÂ®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
In any case, the listing agent should be courteous enough (you would hope) to let your agent know if there was going to be a delay of any kind in responding and get your permission for the offer to remain active after the boilerplate 72 hour period for a response has expired.
It depends on the specifics of the transaction. If it's a short sale or foreclosure it could take weeks. If it's a regular sale it depends upon how long they had to respond per the purchase contract, but keep in mind that lots of deals get done after expiration of paperwork.
Make sure you have a great agent/broker to help you.
Lance King/Owner-Managing Broker
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
Both previous answers are correct. That said, the seller does not have to respond at all to your offer if they so desire. If you haven't heard back in the time given in your offer, you may have to resubmit a new offer if you wish to bid higher.
That depends on the seller. Usually an offer is good for 3 days (less if your agent stipulates less time). Sometimes (especially over the holidays), seller's may need more time. If it's an REO 3 days or more is the "de rigueur".
If they respond past the 3 days the seller may choose to reinstate the prior offer or not at all. I would check with your agent and see what the hold up is.
Happy New Year!
The Carrabba Group
Keller Williams Hollywood Hills