Profile picture for user7880318

After putting in an offer, we've been told to sit tight for two weeks to allow the seller to decide;

We put in an offer on Thursday, received a counter offer on Saturday and responded with our final offer the same day, now the seller wants more time to decide and the realtor sad we won't know until next week- 2 weeks from our first offer- as to whether the seller will accept or not. What is our next move? Threaten to pull the offer? Is he waiting for us to increase our price? Is he waiting for other offers on the house? Isn't there a "reasonable" time limit on his decision?
  • May 01 2013 - Baltimore
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Answers (9)

Best Answer

The original offer and the counter offer from the seller are now legally revoked by your latest counter offer.  Your latest counter offer most likely has an expiration period (usually 2-3 days) so take a look to see what that is.

You are now at a point of pure negotiation and positioning.  Your leverage will depend on how strong of a seller's market you are in.  While the sellers are deciding you can certainly keep looking and place an offer on a another property.  I would have my agent let them know that you will not be sitting idly while they take their time to decide.  Your agent needs to have a discussion with the listing agent and try to find out what is motivating the sellers.  Most likely they are shopping for better offers but it could be some items in your offer that can be addressed.

This is the time when you need an agent who is a good negotiator.
  • May 01 2013
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There should always be a date by which you go by, never leave anything open ended.
  • May 02 2013
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You can withdraw your offer or talk to your agent about resubmitting a counter offer with a time limit.
  • May 01 2013
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Profile picture for RealEstateCrew
Your offer should have been submitted with an expiration date.  Go over your situation with your Realtor and you may want to ask them to show you other potential homes.  
  • May 01 2013
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Unless you want to accept the seller's counter offer, there's really nothing you can do but wait and look around for another house, .  I'm sure he's trying to get more money.   
  • May 01 2013
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Profile picture for wetdawgs
The seller has that option.  He may be waiting to see what everyone else offers.

Did you put a time limit in your offer?   If not, then several weeks is just fine.   If you are in a time crunch, pull your offer.  If not, wait him out.

We were in a similar situation and were told that the decision would be made in four weeks.   We pulled our offer (and in the long run were happy we did as we found a much better place).

  • May 01 2013
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Profile picture for DJR109
There is no set time limit unless you write it in your offer but that amount of time is not the norm, the seller may be waiting to see if a better offer comes in. You can ask your agent to request a response by a certain time and see if that motivates them, then you have to decide if you want to withdraw it or not...best of luck!
  • May 01 2013
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You have a few options, with the first to be to wait it out.  Of course, within the 2 weeks waiting, if you see something else that comes to the market that you love, you can submit notice with a timeline and withdraw your offer. As mentioned in the prior post, most contracts are written with "time of the essence", yet without putting a date to that you are simply just playing the wait game.  It is possible that the sellers are buying time to see if additional offers come in on the home.  You can take back the control of the deal by issuing a notice of date/deadline.  However, you will be running the risk of losing out on the home if they decide not to comply.  Fingers crossed it all works out for you!
  • May 01 2013
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Profile picture for Ofe Polack
If time is of the essence for you, then withdraw the offer.  I wish you were working with a buyer agen!.  When offers are written it is not a bad idea to put a time limit for the buyer to make his/her decision.  48 hours should be plenty of time, unless you are dealing with a bank, since do not care about time limits on anything.  Good luck!
  • May 01 2013
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