Home Buying in Pittsburgh>Question Details

Lee, Home Buyer in Pittsburgh, PA

How long should we expect to wait before hearing back from a bid when there are other bids on the table?

Asked by Lee, Pittsburgh, PA Mon Mar 10, 2008

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8
Lee.....the time frame is chosen by you and your Realtor in your initial offer.it can be in 2 hours, 2 days...Generally we ask for before 9pm the day the offer is submitted unless we know that they can't present the offer that day..........The longer you give them the more chance they have to take other offers, creating competition for your offer.
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0 votes Thank Flag Link Mon Mar 17, 2008
Lee,

Unless the seller is out of town, on vacation or having surgery .. then 24 hours should be just about all of it - per contract.

Any and all offers should be answered quickly .. a quick response puts the ball in motion and starts the negotiation process - and it quickly clears the air if buyer and seller are light years away in price ... anything else is a waste of time.


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0 votes Thank Flag Link Sat Mar 15, 2008
That all depends on the deadline your agent wrote into the contract. Normally it's 3 days unless otherwise specified. Good luck.
0 votes Thank Flag Link Thu Mar 13, 2008
Hi Lee,
The time frame that is 'typical' can vary widely. PAR (Pennsylvania Association of Realtors) standard sales agreement forms have a line to fill in a deadline for seller response, (see Andee's answer- a good explanation). Many experienced agents in our area will notify all potential buyers (thru their agents) that there are multiple offers on the table, and that all are invited to make their highest and best offer by a specific date so that the seller can consider them. That notice is not required! Remember that the listing agent is working for the best interests of the seller, and they are of course trying to get the best price or terms that they can.
Ask your agent what is typical in your locale at this time. You then have to decide whether your interest in that particular property warrants waiting it out .
Hope that helps! Good luck on your house hunt.
0 votes Thank Flag Link Thu Mar 13, 2008
On some state's real estate contracts, there is an offer expiration date. This date informs the seller when they need to respond, or the offer might go away. This allows the offeree the option of pulling out of the contract before it is signed. In a multiple offer situation, the seller might care about this date if yours is the best offer, but if it takes longer, and you are still interested, the date means little. I'd say 3 days is realistic to wait for an answer, any more and they are likely dragging it out to pull in more or higher offers.
0 votes Thank Flag Link Mon Mar 10, 2008
For the standard agreement of sale, there is a clause that states when seller's written response should be. However, when there are multiple bids on the table, it may cause a delay because the seller may wait until they have received all offers before they respond. The listing agent should inform all parties when to expect a response. In most cases, it shouldn't take more than a day.
0 votes Thank Flag Link Mon Mar 10, 2008
24 hours is the rule of thumb.
0 votes Thank Flag Link Mon Mar 10, 2008
How do you know there's other bids on the table...?
0 votes Thank Flag Link Mon Mar 10, 2008
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