Given the current market, how long should the expiration be on an offer?

Asked by Ellen Peck, Uxbridge, MA Fri May 8, 2009

A very fair offer, on a nice house,not a distressed property. Sellers are home, and available for negotiation. There are 2 other homes we would consider putting offers on if this doesnt go through.

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Linnea M. Bates’ answer
Linnea M. Ba…, Agent, Marlborough, MA
Sun May 10, 2009
DEFINITELY no more than 24 hours for a straight forward "seller selling" as opposed to bank or a looming foreclosure (short sale). Even if all the details aren't negotiated within 24 hours, you should at least have a response (accept, reject, counter). The "rules" with regard to the waiting for a response, in my opinon, go out the window when dealing with a bank or a short sale, as they are not responding from an "emotional" standpoint, and they will do their due diligence to be sure your offer is within their parameters (fair market value, money they have tied up in the property, etc.). Good luck!
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John Mansfie…, , Westborough, MA
Sat May 9, 2009
As a buyers agent I put 24 hours for a clean resale. If it is a bank owned property, then a week. There is no reason the seller cannot respond within the 24 hour period. They want to sell their house quickly, so if they wait to long to respond, they could run the risk of the buyer walking away.
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Susan Costa, , Westport, MA
Sat May 9, 2009
I place offers with a three day expiration if this is a foreclosure.
If property is for sale (not a foreclosre or short sale) I give 24 hours.
No need to stress out the buyer any more than we have to.
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Territory.c…, Agent, MA,
Sat May 9, 2009
I always suggest 24 hours, sometime less if you know it is a multiple bid situation or there are other potential buyers looming around. You never want to give the sellers agent too much time to shop your deal around if there is a lot of activity on the home. If you want, you could do simultaneous offers and see which property you get for the best price ( a little more risky but often flushes out the nonsense).
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Michael Lefe…, Agent, Westborough, MA
Fri May 8, 2009
Hi Ellen-
As a buyer's agent, I typically suggest 24 hours for expiration on most offers, which seems to be common in the area. Especially for situations like you described.

Good Luck!

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Alfred Ajebon, , Bethesda, MD
Fri May 8, 2009
Most sellers today are very motivated, as long as they are available 72hrs should be appropriate.
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Denise Tower, Agent, Maryland Heights, MO
Fri May 8, 2009
If sellers are available and there are no special circumstances I give 24 hours. I always check with the lsiting agent first but a straight deal shouldn't require more than that. Years ago listing agents were given 4 or 6 hours. If sellers want to sell, they will be available and respond.
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Sean Dawes, , Philadelphia, PA
Fri May 8, 2009
48-72hrs is generally what I see. Buyers are using this as leverage in their bidding as it does not give the owners time to sit and wait for other offers.

Sean Dawes
Long and Foster Real Estate Inc.
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