What is the standard wait time after making an offer?
How long are you supposed to wait to hear back from seller’s broker after making an offer? I made an offer and was then actually told they were going to approach another party who had expressed interest, but had not yet put in an offer? WTF?
How long are you supposed to wait to hear back from seller’s broker after making an offer? I made an offer and was then actually told they were going to approach another party who had expressed interest, but had not yet put in an offer? WTF?
Always set a deadline for acceptance of your offer. Otherwise, your offer may conceivably be in effect in perpetuity. A few responses may result: the seller may reject it without a counter offer, the seller may make a counter offer, or the seller may request more time. Either way, you turn the tables on the seller to move toward making a decision on your terms.
I agree with everyone else about presenting a deadline. And meaning it. If they come back later begging to make a deal, consider it, but you must truly walk away if it comes to that.
That’s how my father bought my first house. He told the sellers they had 24 hours to accept or we’d walk away.
You have to be willing to walk away or you have no hope of making them do anything.
You have to give a hard deadline, exploding offer and then walk away forever if they fail to meet the deadline (no re-bid). Otherwise, you just have to play by their rules.
I’ve been in your shoes and with no such thing as a true “buyer’s broker” in NYC, you have to be as tough as the bitchy Corco agent across the table from you.
My two cents: When we bought our brownstone, we made an offer on Monday, heard nothing by Thursday afternoon, and the broker told me, “You have not made an accepted offer. The owner is entertaining other offers.” I came in at less than 10-percent below what was a reasonable asking price. I wanted the place and believed that the asking-price was fair. On Friday morning, I upped the offer to asking. But it was with a caveat: “My offer is good until 5:00 this afternoon. After that it’s off the table.” I did not want them to use my offer as a floor. They accepted the offer by 2 p.m., and we got the house. It’s proven to be one of the smartest decisions I’ve ever made.
Don’t take this the wrong way. You have no right to a response at all, let alone one within a certain time frame. There are no rules, at least until someone signs a contract.
Based on the fact that the seller did not respond to your offer, my guess is that (i) it wasn’t high enough to warrant responding or (ii) the seller isn’t serious about selling their place.
Keep shopping and leave your offer out there. Worst that can happen is you find a better place.
Pressure them, in the current market, if you have good credentials then they would be foolish to make you wait. Give them 48 hours and withdraw if no response. It is a business afterall!
I’m not surprised the broker is pulling that on you. ( Stay cool but don’t freeze.) if you were the seller you would want the highest price too. Did you ask the broker when they would get back to you? If you use this time to shop around, you may surprise yourself and find something better. Wouldn’t that be nice…… when the broker does get back to you, you can tell them that boat already sailed.
Yes, I do intend to put pressure on them since I’m not going to be waiting around indefinitely. My question is how long is a standard wait time before I ask for a decision OR take my offer off the table and say screw it?
I know the job of a seller’s broker is to get the best offer, but I am shocked the broker actually told me they were going to shop around. I responded that my offer wasn’t good indefinitely and that I, too, am still looking.
4:28 is right. It is business, and if they are playing you, it’s best to take care of yourself.
Your solid offer has a lot of power in this market (particularly if you can really get a mortgage).