Home Selling in Phoenix>Question Details

Trulia Phoen…, Home Buyer in Phoenix, AZ

How much time should one give a buyer to accept a counteroffer?

Asked by Trulia Phoenix, Phoenix, AZ Tue Dec 11, 2012

Help the community by answering this question:

Answers

13
Giving them a short period of time can cause problems if their agent needs time to contact them as many buyers are not here. You can withdraw the counter offer any time until it is accepted so if you receive a better offer while you are waiting for your counter to come back you can accept the better offer and withdraw the counter offer. The counter offer does not hold your property off the market.
1 vote Thank Flag Link Wed Dec 12, 2012
In this market with houses getting so many showings going on it is to the sellers advantage at times for the buyer to stall in their reply. It is important that too much time does not go by as the buyer could actually lose the counter if a better offer comes in. Usually when one offer comes in another is on the way as this is always how it seems to happen.

Tamara Schuster, Broker
Certified Relocation Specialist
Chicagoland Real Estate
Specializing in Naperville$ Suburbs
0 votes Thank Flag Link Thu Mar 21, 2013
Generally I would give 24-48 hours as this gives the buyer a full day to digest the information after receiving the counter. However in the course of a negotiation, replying too quickly might give the impression of being too keen, but deadlines must be adhered to.
0 votes Thank Flag Link Wed Dec 12, 2012
It can depend on many variables and does not have a "standard" answer. Since every transaction is unique, the time to give a buyer on a counteroffer will depend on the uniqueness of the deal! All the best!
0 votes Thank Flag Link Wed Dec 12, 2012
It all depends on several circustances. A good agent will adjust this depending on the specific circumstances of the deal. A canned answer is not a good idea. Too little time or too much time under those specific circumstances can both be bad for the deal.
0 votes Thank Flag Link Wed Dec 12, 2012
I always like to keep the time allowance fairly tight, so I tend to go with 24 hours unless for some reason it is hard to reach the buyer and 24 hours just isn't going to work.
0 votes Thank Flag Link Tue Dec 11, 2012
The answer can vary depending on circumstances. But if there are no reasons to go longer, 24 hours is usually enough.

Best,
Ron
0 votes Thank Flag Link Tue Dec 11, 2012
Realtors on both sides of the transaction should be communicating so that their clients have enough time to look over the contract, consult with their agent,check with a lender, and sign the corresponding documentation.
0 votes Thank Flag Link Tue Dec 11, 2012
That is a great question Trulia. That is really a depends question. Does the buyer reside in the same state or are there special circumstances that would cause a delay in response. These questions should be known from your agent talking with the other agent.

If you are in negotiations with another agent/client you want to make it that they have time to respond but not too much time that you leave other potential buyers moving on to other properties.

Hope that helps sellers and buyers out there. Remember it is very important to have open communication between all parties and every transaction ends with a win-win.

Debbie Nieman
Keller Williams Sonoran Living
602-799-5239

diverdebi@cox.net
0 votes Thank Flag Link Tue Dec 11, 2012
It depends on the situation, one offer, a good offer a bad offer, more than one offer....
If you like the offer and want them to make up their mind quickly, give them a short period of time
and let them know, otherwise sometimes husbands are on biz trips etc., just decide by situation.
If you are working with a Realtor he or she will advise you.....
If you think this should be a good counter, the buyer may not accept but counter your offer again.
So give them only a reasonable amount of time one day or 2 at the most, so that there is not
enough time to see other properties and fluctuate and may be change their mind. That is why
Realtors always think that time is of the essence, so that decisions can be finalized in writing.

Good luck to you

I hope this helps...

Most Sincerely yours,
Edith
YourRealtor4Life and your Chicago
and Northern Illinois and RElocation Expert
Working always in the very BEST interest of her clients
@Properties North Shore
Edith speaks French, German, Spanish & more
Get to know Edith and her Service her website is
http://tinyurl.com/YourRealtor4Life
EdithDoesItRight@yahoo.com
0 votes Thank Flag Link Tue Dec 11, 2012
24 to 48 hours is pretty standard. But that does vary depending on the circumstances. If you have multiple offers you might want to shorten the time for response to 24 hours or by end of the the following day.
0 votes Thank Flag Link Tue Dec 11, 2012
If you have multiple offers and plenty of interest, a shorter time frame is warranted. If this is the only offer on the table worth considering, then I would give the buyer 48 hours. If your time frame is too restrictive, you may end up losing the buyer or you may receive a response after the deadline has passed. There are no rules here, but imposing a short time frame on a buyer when you have no other offers to consider may end up backfiring on you.

While demand in our market has increased, this time of year things are generally slow. Also, if the buyers are out of town or traveling they may need a longer response time. This is something you should discuss with your agent.
0 votes Thank Flag Link Tue Dec 11, 2012
I usually give until the following day at 5pm. Long enough for them to run numbers and sleep on it, but short enough that they don't have much time to negotiate with another buyer!
0 votes Thank Flag Link Tue Dec 11, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer