Top-3 Takeaway: How Long Does a Seller have to Respond to an Offer?
When placing an offer on a property it is exciting and anticipation and emotions can be high. Timing and communication are critical. The FOCUS on NoVA Team explains “How long does a seller have to respond to an offer. Contact the FOCUS on NoVA Team today for questions about your real estate needs.
“How long does a seller have to respond to an offer?”
Well there’s three basic parts to this.
- There is no real set number of days. There’s nothing in the contract that says you have to respond within a certain number of days.
- Oftentimes what the seller will do if they think there’s going to be multiple offers or the property is going to be really really active, they will set a deadline as to when they’re going to review the offers and make a decision.
- If the buyer is really concerned about the activity they too can write in the offer that they want to have a response by such and such a period.
In the real estate world three days is what they say is the most that you should go without a response, but here in northern Virginia we usually try to respect a 24 to 48 hour time period to get back. Of course communication is essential between both realtors, the buyer and the seller’s realtor, and there will be a discussion that the buyer agent will have with the buyer once an offer is given to the seller.
There is no time limit, the buyer can write their own amount of time in, or the seller can make a decision as to when they’re going to review them and put it on the MLS and let people know.
