Foreclosure in Andover>Question Details

Plumbgirl, Home Buyer in Andover, MN

We made an offer on a town home. how long does the seller have to either accept or reject it?

Asked by Plumbgirl, Andover, MN Thu Jan 26, 2012

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Plumbgirl: It is tough to wait after you have made an offer. In Minnesota it is not the custom to put a deadline for accceptance or rejection of the offer. If the townhome is a foreclosure it could take the bank one day to 2 weeks to respond. My experience has been that it is usually 3-5 days before I have an answer but that can vary. If it is a HUD owned home that was just put on the market, they will wait 10 days before the answer. If it is not a foreclosure the response is usually within 1-2 days. I would check with you agent and ask if they have checked with the listing agent and what kind of response are they getting from the listing agent. You can withdraw the offer at any time. Is there another property you have seen that you would like to make an offer?
1 vote Thank Flag Link Fri Jan 27, 2012
Is it the seller or the bank you are referring to?

Kris Lindahl, CRS, CDPE, SFR
Edina Realty
0 votes Thank Flag Link Mon Mar 26, 2012
Hi, Plumbgirl!
This is a tricky issue. And, since it's taken me so long to answer you, I'm sure you have an answer by now!!

But, for those who would look in to this issue for reference, unless it's built in to the purchase agreement, the seller can take as much time as they feel they need.

Now mind you, the buyer might be tempted to say, "I want an answer by 12:00 noon tomorrow." My question would be, "Or what......??" That means, if you ask for an answer by a certain time and you don't get it make sure your requests have teeth! Don't say you want an answer by noon without saying what will happen if you don't get it.

So, if you don't get your answer by noon and you intend to walk away, WALK AWAY! If you don't, then that cuts your agent's ability to effectively negotiate off at the knees. So, I guess I'm saying don't make idle threats (that's too strong, but it gets the point across). Make sure you mean what you say because sometimes these types of strong requests can backfire.

The goal is to get you what you want, the property. Keep your eyes on the prize!!!
0 votes Thank Flag Link Fri Mar 16, 2012

How long are you willing to wait? If you put a time limit in your offer, you should be able to walk away if you do not receive an answer within that time limit. Is that what you would want to do if you do not receive an answer within that time frame? Do you want the townhouse? If it is a foreclosure, the REO banks tend to move as quickly as they want to or can move. That time varies from very quickly to not so quickly. How badly do you want the townhouse? Are you willing to wait?
What does your agent say?
Web Reference:
0 votes Thank Flag Link Thu Jan 26, 2012
As long as you gave them in the offer. If your offer didn't specify a time period in which they could respond, they could accept it next month.

In the future, always specify a time period. There's another active thread here, and the consensus is about 48 hours. You can adjust that as you wish.

You don't want it open-ended for a bunch of reasons. First, it gives the seller a chance to "shop" your offer around. ("See, here's an offer I got for $200,000. If you offer more, it's yours.") And, second, you want an answer in a timely fashion. You don't want to wait around for weeks.

Hope that helps.
0 votes Thank Flag Link Thu Jan 26, 2012
Don Tepper, Real Estate Pro in Burke, VA
As long as they want. they can answer it in minutes or never answer it if they do not want to. Normally I have a sellers answer anywhere from 5-30 min after I speak with them and often the answer is we will think about it. There usually no reason to report back with that answer though. The next day I should have an answer. If the offer was pretty low they might feel insulted and not reply at all.

Time of the essence means there is no going past that date. It means that date is final and no going past it for any reason.

Or as Wikopedia says:
"Time is of the essence" is a term in contract law which indicates that the parties to the agreement must perform by the time to which the parties have agreed
0 votes Thank Flag Link Thu Jan 26, 2012

As long as you give them.

Nothing in the MN purchase agreement or MN Statutes (to my knowledge) defines a timeframe for the seller to respond to a purchase agreement that has been submitted.

If your agent or anyone else tells you that "time is of the essence" you should fire them and find an agent that knows what the term means. Hint: It doesn't mean that people have to hurry.

Cameron Piper
licensed MN Real Estate Broker
Coldwell Banker Burnet
Web Reference:
0 votes Thank Flag Link Thu Jan 26, 2012
They can take as long as they want unless you put an expiration clause in the offer. You can pull the offer at anytime you would like.
0 votes Thank Flag Link Thu Jan 26, 2012
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