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With the current market, how long should a seller respond to an offer?

I know that there have been some posts about the same topic before but I notice that most of them are outdated. I submitted an offer to a condo monday of last week and the listing agent responded on the same day that she got 5 other offers but the seller has not responded to any of those yet. With my concurrence, my agent informed the listing agent on that same day that we are open to negotiations.

It's been more than a week now and we haven't heard anything from the seller/ listing agent. My agent told me to just wait. Is this a usual happening? Is it advisable to submit my highest and best offer now (about 3% more than the asking price) or should I just really wait?

Your insights will be highly appreciated!


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August 22 2012 - Hoboken
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Hi Peggy, the contract does not have a response deadline. The listing agent and my agent are from the same broker. This should work towards my advantage, right?

I fear that there might be other offers which might be higher than me but I am willing to negotiate.. I am also thinking that the seller might be out-of-town/ country that's why he hasn't responded yet? 

Should I offer my best and highest bid now without waiting for the listing agent's memo to all buyers to submit our highest and best bid?
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August 22 2012
Does your contract call for a reply time and date? If so, has your offer expired?  I would call the listing brokers Broker and ask them to help you to get their agent to respond to your offer.
Do you think your offer was low and that some other agents with clients may have out bid you? 
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August 22 2012
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The comps were reviewed and we were 6% lower. 

On the day we submitted offer, my agent told the listing agent that we can negotiate and the listing agent said that they he presented 5 other offers to the seller prior to me and the seller has not yet responded any of those. This was last monday and we never heard from him after that. Neither a memo was circulated to the buyers to submit our highest and best bid. 

My agent told me to wait but I just don't know until when. I still have to ask my agent if the condo is a short sale. If it is, isn't it that they should have asked first all the buyers for their highest and best offer before submitting one to the bank?

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August 22 2012
A few questions need to be answered at this point, are you dealing with a short sale or a bank owned?  Since the seller does not have to respond to offers, he could have already accepted another one and you do not even know.  As a buyer agent, I would have done a comparative market analysis prior to advising on the offer price.  I assume that was done and you decided to offer 6% less, correct?   Maybe that was OK if there were no other offers, do you still feel the same now that you know that there are multiple offers?  Has the listing agent, circulated a memo inviting the best and highest offer from all those who placed an offer?  Remeber that the terms of the contract are as important to a seller as the amount offered.  Cash offers without contingencies usually win over other offers with contingencies.  Have your buyer agent contact the listing agent to get some answer for you!   Good luck!
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August 22 2012
Hi User  user548392

Very good question, the market has changed and is on your favor. To answer your question, it is case by case, some times we have more than one decision making sellers and we have to present to all of them, it depends a lot on the experience of the listing agent, listing agent has the responsibility and due diligence to advice the sellers after doing their own investigation on the qualification of prospect buyers as to what offer is the best and on their best interest. Is never the same, sometimes you get a strong offer and it gets accepted right away, sometimes you have multiple offers, but not get the results the seller want, so you counter the best offers. With Standards sales is possible to sometimes get a quick response, very different is you are dealing with REOs, Short Sales, Trust, Probate, etc. Your agent just have to communicate and guide you through the process. Best regards, Gil Rodriguez
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August 22 2012
Profile picture for user548392
Thanks so much for all your responses. I forgot to mention that the offer I initially submitted was 6% less than list price. I am going to ask my agent if we can schedule an appointment with the seller and start a dialogue/ negotiation. 

My fear is that if the seller accepts other offers without giving the other bidders the chance to offer their best and highest. I can increase my bid up to 5-6% above list price. 

On the back of my head, I am also thinking what if my initial offer of 6% less than list price was supposedly the one to be accepted but I even increased it because of my fear. 

I also like to ask if downpayment matters since I will put in 25% down. Furthermore, I am not sure if it is a short sale. My agent did not say anything about short sale but in one out of the eight realty sites it is posted says it is a short sale. I don't know how it will affect my case.

Thanks again!   
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August 22 2012
Profile picture for user548392
Thanks so much for all your responses. I forgot to mention that the offer I initially submitted was 6% less than list price. I am going to ask my agent if we can schedule an appointment with the seller and start a dialogue/ negotiation.

My fear is that if the seller accepts other offers without giving the other bidders the chance to offer their best and highest. I can increase my bid up to 5-6% above list price.

On the back of my head, I am also thinking what if my initial offer of 6% less than list price was supposedly the one to be accepted but I even increased it because of my fear.

I also like to ask if downpayment matters since I will put in 25% down.

Thanks again!  
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August 22 2012
Good morning user548392, I am sorry for the delay you are experiencing but in our market there are many factors that are involved and can be the same in yours as well.. 
1.  Is it a bank owned property, a short sale, or traditional sale?
2.  Are there multiple offers on the table?  If so did you give your highest and best on your initial offer?


I wish you the best in this venture.

Robin Fraser

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August 22 2012
In the market in my area multiple offers are common and competition is high.  I've been instructing my buyers for the past 2 months to submit their best offer upfront.

In the past month I've begun to see private party sellers dragging their feet on offer selection hoping a better offer comes in.  We've startred putting a 24 hour deadline on the offer.  This has been working with great success and getting the seller to commit one way or another.

Good luck on your offer, only your agent can tell you if he/she thinks you should resubmit with better terms.
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August 22 2012
I always tell my clients in a situation like this they should bid what they are comfortable paying.  Do you feel it is worth 3% more than asking and are you comfortable paying that?  How would you feel if you kept your bid as is and someone buys it for a few thousand more?  They are tough questions but will lead you to the answer if you can be honest about your situation.  Talk to your agent and get some comps on similar homes that have sold and what they sold for to see what a reasonable number should be.  

It is not abnormal for a seller to take his time especially with a number of offers as they have a big decision to make.  Many times they will come back to all offers and give a time to present their best and final.  That gives you the opportunity to get your final number on the table and helps the seller get more for their home.

Good luck!  I hope it works out for you.
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August 22 2012
Submitting your highest and best is totally up to you.  I suggest you talk with your agent about possibly making an appointment to meet with the seller and the sellers agent to present your offer in person.
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August 22 2012
 
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