The offer should be presented immediately (unless it is a multi bid scenario and the listing agent and seller have called for offers on a specific date and time) Your offer contract should have an expiration date and time so the seller has until that date/time to accept or reply.
Next time get yourself an exclusive buyers agent to represent you. When you work with a listing / sellers agent they are legally obligated to protect the seller in the purchase not the buyer (therefore they can only give you limited advice and guidance during the purchase of that property).
Massachusetts Premier Buyer Brokerage... more
Ali: I can almost guarantee you that I know the neighborhood you are talking about (I live in Rowley and have been looking to move to a bigger house for 5 years (had to convince my husband to move)). I am not in the Real Estate business. Here is the skinny.
2 of the houses are on their way to foreclosure, so the price has dropped.
1 For Sale by Owner
2 of the houses were built as the market went bad and the builders are having trouble selling. One is now rented and will be so for the next two years.
1 is on and off the market - nice house
The new houses going in are all custom homes. Some lots have protected wetlands but that is VERY common in Rowley because we have some pretty well-known salt marshes. There are 6 more lots ranging from 259K-314K. They are all permitted for 4 bedroom with percs done for the septic systems.
First take deep breath and relax, The house you wanted will be foreclosed on because no one is or should bid above the listed price. The conservative estimate on the price of housing dropping is at 20% before it levels out with some experts predicting 30%. With that said if you have good credit and enough money for a decent down payment you will be in a great position in 6 months to a year from now. My advice is find a nice rental for your family and wait for the dust to clear. One you will be able to find a better house than the one you lost for less money. Two you don't want to find yourself a year from now owing more than your house is worth. Just relax... more