Home Buying in Atlanta>Question Details

Katrina, Home Buyer in Atlanta, GA

My offer to purchase a home with a time limit has been sent to the seller. Prior to the seller acceptance,

Asked by Katrina, Atlanta, GA Mon Feb 23, 2009

can I extend the time limit, and if so, what is the proper way - ammendment, exhibit or notice?

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7
Katrina -

A time limit in any offer is worded as the time limit to ACCEPT that particular offer as written - so your need to extend it really only weakens your position. MOST clients I have worked with think that this is a time limit for the seller to respond until I explain to them that it is truly an time limit to accept your offer. They can still counter you beyond that time limit - often as a courtesy when two agents are representing each party, we will at least let the other agent know what is going on within that time frame.

We obviously need more details to give you an accurate answer, but if your offer is reasonable, they may still be countering it. If it's a crazy offer, they may be rejecting (or ignoring it) altogether. If the listing agent wrote your offer, they should still be obligated to let you know if the seller has indicated a reaction to it within reason.

Generally an amendment is used once you have a binding agreement - and an exhibit would have to be included in an offer and not presented after the fact. You COULD give notice to the seller that you wish to extend the time limit, but you may be just as well off sending a whole new offer - depending on the details of your offer and when it was initially presented to the seller.

If you are talking about a bank owned property, the bank doesn't really care about the time limit in your offer and they will respond if and when they will respond.

I'm sure that any of us here would be happy to give you more details if you would like to give us a little more information. The agents using Trulia are often some of the stronger agents in the area and I'm sure any of us would love to talk with you more about your strategy for buying a home.

Best of luck to you! Feel free to post back with more detail so we can give you a more accurate answer.

Lee
leeadkins@remax.net
404 966 3247
Web Reference: http://www.leeadkins.net
0 votes Thank Flag Link Mon Feb 23, 2009
Not an exhibit--Exhibit must be attached at time of offer--the only way to add an exhibit is to amend a contract. I agree with some of the other answers you received--you need a good agent to advise you during this process and in order for an agent to give advice--you must be their client.
Web Reference: http://www.maconhomes.com
0 votes Thank Flag Link Mon Feb 23, 2009
K,

This depends on the seller's impression of your offer at this point; is it a good or bad offer in their opinion? If it's questionable, they may or may not be interested in granting an extension.

It's always best to have exclusive representation to consultant with you personally before, during and after the initial offer - with consistent professional expertise throughout the entire process.

If not with this transaction, in the future seek a professional Realtor to position you with a strategic offer, especially if you are truly interested in buying the property, this could be costly if other offers are being entertained simultaneously.

Protect yourself and your position as a strong buyer. Again, it’s free!

For more help call direct or email.
678-851-4463
Roger@RogerForRealty.com
0 votes Thank Flag Link Mon Feb 23, 2009
Although it may throw up a red flag to the Seller, it is better to do it as an amendment to the contract. The clearer you can be in your reasoning, the better.

Good luck!

Chris Yates
Realtor, e-Pro
Web Reference: http://www.intownrep.com
0 votes Thank Flag Link Mon Feb 23, 2009
Bilateral amendment makes sense, but this is a weird move.

It looks weird, so the Seller may question your motive.

Offer a separate notice in writing with a detailed explanation of your reason.

Make it valid and authentic.

Or, don't do it at all. It looks weird.
Web Reference: http://intowninsider.com/
0 votes Thank Flag Link Mon Feb 23, 2009
Amendment is best.

If you need an agent to help you call me at 770-633-7576.
No fee to buyer.

Ed Francell

Prudential Georgia Realty
0 votes Thank Flag Link Mon Feb 23, 2009
Hi Katrina,
Yes you may extend the time limit. Are you presenting this offer with a Realtor? Your discussion should have covered the strategy of response times--he/she should handle all of that for you.
0 votes Thank Flag Link Mon Feb 23, 2009
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