Is there a time limit to respond back to an offer on my home?

Asked by soda2244, Fairbanks North Star County, AK Wed Nov 7, 2012

Is there a time limit to respond back to an offer on my home? My Realtor told me I had until the evening the next day, but I thought I legally had 72 hours to counter offer (I live in Alaska)

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7
Shirley Reid, Agent, Atlanta, GA
Fri Nov 9, 2012
In Georgia the response time is indicated by the offer acceptance deadline. That could range from several hours to several days. It just depends on what the Buyers urgency is. If the Buyer is making offers on multiple properties they may want a quick response in order to move on to the next property if their offer is not accepted by the Seller. I want to imagine that this may be typical in your area as well. As a Seller you should consider the ABSOLUTE lowest and non negotiables that you will stand on. Then, if you receive another very limited time offer you will be ready to fire back. Good Luck!
1 vote
Justin Mayo, Agent, Farmington, CT
Fri Nov 9, 2012
As others have stated, I've never heard of any law stating the amount of time you have to respond to an offer. In my area it is not customary to put a time limit on an offer, but things may differ in Alaska. Personally, I don't like the idea of putting a time limit on the offer. If a buyer is truly interested in a property they shouldn't be putting such a constraint on their offer, which to me only shows that they may be a pain all the way through. Going into a negotiation saying, oh and by the way you have 24 hours to respond, certainly doesn't show that you are a fun person to deal with.

Also, there really is no need to put a time limit on an offer because the buyer has the legal right to withdraw the offer any time prior to your acceptance. For instance, if they decided you are taking too long to counter or accept, they can simply withdraw the offer, and that is well within their legal right. Something else for you to keep in mind. Good luck!
0 votes
What?! So, the buyer is supposed to put their house hunt and life on hold waiting for indefinite periods for a Seller to respond to their offer for 3, 5, 7, days....how long? Sorry but your implication that a Buyer is "not really interested if they put time constraints on an offer" is ridiculous.
Justin why don't YOU make an offer on a home when you have a family, and sit in silence for days waiting for a reply (if you don't you are presumed to be "a pain." What a ridiculous expectation and statement.

How about this: If the SELLER is interested in the offer, and has a shred of humanity, they will not leave another human hanging indefinitely, and will have the decency to counter, accept or reject within 72 hours.
Flag Tue May 9, 2017
Justin, you could not be more wrong. The agent from Atlanta, Shirley Reid, is correct. It is actually out of respect for the offer and the time of everyone involved that a time limit to offer is established. It sounds like you live in a La La Seller's Market Only Land. Putting a time limit on an offer is standard practice in most markets. It does not say anything negative about the party making the offer. The person difficult to deal with is the person who reads something more into a time limit. My advice to you is less emotion, more business. Good luck to you!
Flag Tue Jun 18, 2013
Edith Karoli…, Agent, Winnetka, IL
Thu Nov 8, 2012
The buyer who makes the offer, could put a time limit on it, i.e. it could say this offer is valid until
the next day midnight, or will be null and void if not countered within 48 hours... So it really depends
pretty much on what the offer says, and you should have a copy of that offer in your hands from your
Agent, or are you selling by owner and you are talking to the Realtor of the buyer, you still should
have received something in writing in other words a written offer....

If there is a time limit in that offer, then the buyers may have done so because they have seen
several homes, and if they cannot agree with you on the price and terms then they would null and void the offer to you and make an offer on another property....

But look at the offer in writing, or talk to YOUR agent if you do have a listing agent...

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
0 votes
Marcus Neces…, Agent, Bentonville, AR
Wed Nov 7, 2012
Good advice here. I'm not familiar with Alaska state real estate laws but I've never heard of a state mandated offer expiration term. Your offer most likely has an expiration date. You should have received a copy of your offer and the expiration date should be in there.
0 votes
Beth Fread, Agent, Wasilla, AK
Wed Nov 7, 2012
Based on what your Realtor told you, there is probably a date and time limit above the Buyers' signature in your Purchase and Sale Agreement. You may ask for more time, but all contracts have time limits and I have not heard of there being a law regarding how long someone can take to respond to an offer.
0 votes
Kathi Olmste…, Agent, Eagle River, AK
Wed Nov 7, 2012
The contract will have the time frame to reply on it and that may be what it says....most of the time that can be extended if you need more time to think about it...ask your agent if you would be able to do that but there is no law that says you legally have 72 hours to respond. Sometimes buyers are trying to get into a home and need a quicker response so they can move on if it isn't going to work out but your agent can ask how critical that time is....unless you respond within the time frame they request however, you could lose a buyer. Good luck.
0 votes
Keith & Kins…, Agent, Verona, WI
Wed Nov 7, 2012
I'm not familiar with Alaska laws. Here in Wisconsin the length of time an offer is on the table is determined by a line item in the offer contract. Check your offer to see if that is one of the terms. Or trust you Realtor.
Web Reference:  http://keithandkinsey.com
0 votes
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