How long to wait for offer response?

We put in an offer on a house listed at $194,500.  We offered almost $207,000 and asked that the seller pay 5% toward closing costs with a guaranteed closing in 45 days (VA loan).   This allows them to net the original amount.  We did not submit a deadline as we don't hold the upper hand of the purchase. We submitted the offer on Friday (14th) at 1:00pm.  When the offer was submitted, the seller's realtor said we would have a response by the next day.  We have not heard from the seller's realtor.  Our realtor has attempted to contact her a couple of times and we aren't getting a response.

There were showings yesterday and today so I assume the seller is waiting for a better offer after the showings and that we will not likely get the contract.  

With that being said, how long should we wait for a response before withdrawing our offer?
  • February 16 - US
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Answers (3)

Thanks for the responses.  Our realtor is confident it will appraise for what we are offering based on comps, etc.  I guess that means they could expect that much for a straight offer without closing but I don't know. I guess we won't do anything differently but I also don't want to be kept hanging.  I guess we will see how it goes.
  • February 16
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Profile picture for Outer Banks N C
So you really offered $196650, that is how the seller looks at it. That is still a good offer. If the seller is looking for a better offer they might have to wait awhile. Unless you have left out something that is a good offer. Sellers can take a day or two to answer, that is not uncommon at all and it's not always to just wait for better offers. Sure, it is always on their minds, but I bet they are talking it over. You should hear something positive soon I bet.

  • February 16
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Profile picture for wetdawgs
That's a really tough question.     What would you do differently if you knew you wouldn't hear until Wednesday?  Many people are benefiting from a long weekend, so consider Monday still weekend house browsing of interested buyers.

As a consumer, I always am concerned when people bump their offers in order to include closing costs.  While the net to the seller may be the same on paper, if the house doesn't appraise for the value then negotiations reopen and one of the things that may be countered by the seller is to remove the closing cost component.   As a seller, if I have an option up front to avoid the situation I do.

  • February 16
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