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How long do you wait for a counter offer to be accepted

  • July 01 2010 - Live Oak
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Answers (5)

Profile picture for ABBAUSA

Specify a date.

You will be able to stay on track with a date.

It want always get you the results you want, but you will we able to continue instead of being in limbo.

2 days is good, but sometimes 3 to 4 is needed, but definitely put a date.

Good Luck!

James Callas - Realtor®

  • July 01 2010
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there is a place on our contracts in Georgia to fill in a time limit.   You can wait as long as you want but discuss with your agent about the pros and cons - waiting too long could mean someone else makes an offer, muddies the water, etc., etc.
  • July 01 2010
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Bank Owned- 2 days
Short Sales- months
Regular Sale- 2 days

For regular sale and bank owned make sure that your Realtor specify the time. Sometime if you do not the bank epically will hold you offer until they get a better one.

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  • July 01 2010
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It all depends on what was noted on the purchase offer.  If it is a standard sale, the selling agent would want to put 3 days.  However, for short sale and REO, it is left blank since they wait for days or weeks to get all offers for review.  A low-ball offer usually does not get a counter and is automatically rejected.  For short sale offers, majority of the time no counter is made until the lender has approved the short sale.  However, the selling agent is notified that an offer has already been submitted and some offers are being considered as back-up offers just in case the buyer backs out by the time the approval is received.

Hope this helps.
  • July 01 2010
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Profile picture for wetdawgs
If it a regular sale, a deadline usually is established in the documents.

If it is a short sale or foreclosure, your guess is as good as mine.  Months perhaps
  • July 01 2010
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