I rarely use a deadline in a buyer's offer because it is a simple process to withdraw an offer. As a Buyers' Agent, though, I will follow up with the lister to understand the cause for the delay and to urge a quicker response. Sometimes the personal touch, and some information about my client's eagerness to move on, will be enough to prompt the seller into responding.
All of this is irrelevant in the cases of foreclosures or short sales, I'm afraid. Banks work only on their own timetables and will respond whenever they please. Of course, even here you have the option of withdrawing your offer at any time.
Who is the seller? Bank? Foreclosure? Short Sale? or private owner?
Is there a bid date deadline?
Did you place dead line date in your sales offer?
Typically, if you get a slow response it's because the seller has not been properly schooled prior to receiving the offer. They should know most details and be able to give you a quick response. OR they are liking yours, afraid to lose it, but hoping for another. Then you simply tell the agent you are pulling it if they are not acting timely. You can always come back as well. There are many ways you can sweeten a deal other than price.
Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Once an agreement has been reached, there will be conditions that will have to be met within a specific time frame. These conditions can include, for example, financing, appraisal, home inspection and home insurance. All of the conditions agreed upon in the offer must be met by an assigned date.
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You can also elect to withdraw your offer if you have not been rejected. If the makes a counter-offer, then your offer is considered in the law to have been rejected. If you got neither acceptance or a counter, then you can withdraw your offer up until the moment the seller accepts it.
If they make no response to you (and you didn't specify an expiration), they can basically hold your offer indefinitely.