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When you make an offer on a home, how long does the seller have to come back with an answer?

I was just wondering in the state of AR, is there a deadline for the answer from the seller.
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July 22 2010 - Monticello
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Although we are not real estate agents, we are lenders and have experience with this.  When you submit an offer you get to specify on the contract the time and date by which you request a reply to your offer.  If the seller does not respond by that time then you are no longer obligated to your offer.  

Simply, you request a date/time and then it is up to the seller to respond by that time.  As far as when they will answer your offer is entirely up to them.

The Wynn Team
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July 22 2010
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April 25 2013
On a typical offer the buyer indicated in the body of the offer how long it is open for.  All real estate contracts are written with the basis that "time is of the essense".  However, in Bank Owned, REP properties it entirely depends on the REO's process.  Some will respond within a day, some take much longer and typically you are at their mercy.  If you are very interested in the property, you hang in with a good Realtor getting updates as often as possible.  As stated in one of the other responses, this doesn't mean you can't continue to look.  If you do find another property that is of interest, withdraw your REO offer and move on.  REO's typically have their numbers in line, but a lot goes on behind the scenes with various properties.  Good luck!
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July 24 2010
The last 2 offers I helped buyers prepare & submit on foreclosure properties both had to follow explicit instructions on how to complete the bank-provided contract to Buy & Sell Real Estate.  Those instructions specified to NOT provide a deadline for the bank to reply on our offer.  This might appear that the buyer is getting "locked" into an offer, but it is important to note that a buyer can always withdraw any offer to buy real estate prior to the seller accepting their offer and have no further obligation to that contract - although verbal withdrawals are common, it is best to put it in writing, too.  You can continue to shop for that perfect deal after submitting an offer, but should withdraw your current offer before submitting an offer on another piece of property - otherise you could end up obligated to 2 pieces of property.  If you are shopping for a foreclosure, it is important to ask your Realtor questions like this before you begin submitting offers.  This reply is based on my experiences in SC and is not intended as legal advice.
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July 24 2010
With REO properties as stated by others, it can take some time to receive a response to your offer.  But the bottom line is this;
How badly do you want the home?  If you really love the property and think it is right for you, no matter whether you have given 24 hours to respond or a week, you should hold on.  Just because you don't hear from the bank within your specified time frame, does not mean that you won't hear back.  While you are not obligated to continue to wait or to go forward if the bank responds after your set deadline, it may be within your best interests to do so. 
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July 24 2010
Since you posted your question on the Foreclosure tab of home buying, presumably you're talking about writing an offer on a bank-owned or REO (real estate owned) property?

If so, most REO agents will tell you how long it will take the banks to respond --- it can be as quick as the 3-day deadline that seems to be the standard for most offers, or as long as 7-10 days.

The REO agents may point you to documents that provide instructions for writing an offer on the REO including deadlines for response.

If the REO bank can't or won't answer within that time, then consider whether you'd be hurting or helping yourself by writing your offer with strict adherence to 3 days?
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July 24 2010
Normally you specify the timeframe in the offer.....what does you real estate agent say?
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July 22 2010
With foreclosure properties in Northern California it varies.  I have seen 1 to 5 days to receive a response from the bank.

Our contract have a three day expiration unless a different expiration date is written on page 8.  When I do have a response after the expiration date we clear it up with an addendum attached to the accepted, signed contract to keep the paper trail clean.

This depends on if you still want the property or if you are looking to get out of the contract. Consult with the real estate agent you are working with for more details as to your specific state contract. 
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July 22 2010
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It depends on what is written in the contract.   
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July 22 2010
 
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