The time between submitting an offer to purchase a home and waiting for the seller to respond can seem like forever. Home sellers may receive various offers, which can slow down the time it takes to respond. Additionally, some potential buyers may never receive a response.
Learn everything you need to know about offer timelines in real estate, including what factors affect the speed of the offer process and what options you may have after receiving no response to your offer. We’ll also review how working with a cash buyer may be a better choice.
Offer Timelines in Real Estate
The typical timeline for a real estate transaction includes the buyer submitting an offer, the buyer and seller negotiating, and, if all goes well, the seller accepting the offer to purchase.
The buyer submits an offer through their real estate agent, often with a contractual time limit outlining the offer’s duration. In the meantime, the seller may receive purchase offers from other buyers, so they will have to choose which buyer to negotiate with. Market conditions greatly influence the time limits of an offer.
If the seller accepts, you are on your way to purchasing your new house. However, if the seller fails to respond to your offer, you may have to revise your offer or simply withdraw and move on.
Factors Influencing Response Time
Awaiting a response after submitting an offer to purchase can be overwhelming. In most cases, buyers stop viewing houses for sale and wait to find out if they will soon purchase their dream home.
A few factors may affect how long it takes the seller to respond, including the following.
Seller’s Circumstances
Sellers’ circumstances may impact how quickly they’re willing to accept an offer and sell. For example, a seller who wants to sell quickly due to job relocation or financial concerns may respond much faster than a seller who isn’t in a hurry to sell. Additionally, a seller may wait to receive other offers, hoping to secure the best deal.
Seller’s Market or Buyer’s Market
Whether or not the current housing market is more favorable to sellers or buyers also influences the seller’s response time.
In a seller’s market, the buying demand is greater than the housing supply. This imbalance gives sellers more control over the sale of their homes, as they’re likely to receive multiple offers. In contrast, a buyer’s market occurs when there are fewer buyers than houses for sale, giving the buyer more negotiation and contract power.
Complexity of the Offer
The complexity of the purchase agreement may also affect the speed at which a seller responds to a buyer’s offer. Sellers aim to secure the best offer, often with the highest purchase price and fewest contingencies. A seller receiving multiple offers is likely to choose the purchase contract with the fewest buying requirements.
Even among sellers who accept an offer with contingencies, it can take time for them to review the requirements in detail. They may want to consult with a professional before they respond to your offer.
Other factors that make a sale more complex include purchasing a bank-owned home or short sale, requiring an earlier closing date, or requesting an extended period based on contingencies.
Legal Advice
Most sellers need time to review the contract in detail and consult a lawyer before responding to an offer. A signed purchase agreement is a legally binding document, making it important to understand the criteria. Sellers may also want to consult with their real estate agent before entering the negotiation process.
Typical Response Timeframes
It can take the seller anywhere between 24 hours and a few days to respond to your offer. Here are a few things to know about the typical response timelines.
24-48 Hours
In a competitive market, a time limit of 24 to 48 hours is generally acceptable. This period gives the sellers time to review the contract in detail while preventing the buyers from wasting too much time.
A Few Days
A time limit of a few days may be more common in less competitive housing markets. Sellers may have fewer offers and want to spend more time comparing their options. Two to three business days is usually acceptable.
No Response
In some cases, the seller may not respond to an offer. Sellers may be overwhelmed by the number of offers and only respond to the ones they consider accepting. Sellers could also ignore the purchase offer if they believe it’s far lower than their asking price.
Sometimes, the buyer may receive a written rejection. However, this is up to the owner.
What to Do if the Seller is Not Responding
When a seller fails to respond to an offer, the potential buyer has a few options. You could wait or take the following steps.
Follow Up
Most commonly, the buyer’s agent contacts the seller’s agent to check the offer’s status. The seller’s agent may then provide the buyer with more information, such as the parts of the contract that the seller isn’t interested in accepting. The sellers may also reveal that they have numerous higher offers than the original offer.
Submit a Revised Offer
The buyer could also submit an updated offer with more favorable terms. An updated purchase agreement with a higher price, fewer contingencies, or proof of financing can strengthen your offer. Sellers typically don’t want to feel rushed, so extending your offer may be an option.
Consider Other Options
While it’s common courtesy to respond to offers, some buyers may never receive a response. Most real estate agents will respond to questions. However, if you still have not received a response after frequent communications, it may be time to consider other properties or alternative strategies.
Many professionals set time limits on purchase offers, so your agreement should include an offer expiration date. If you haven’t received a response by this date, you can withdraw your offer and continue house shopping. Buyers also have a right to withdraw from a sale before the specific date if the offer has not been accepted.
Working with a Cash Home Buyer
Cash sales can make the process easier. Here are a few benefits to expect when working with a cash home buyer.
Faster Response Times
Cash buyers typically receive responses much faster since there are no contingencies to consider. A cash sale also isn’t dependent on home inspection or financing eligibility, which can speed up the sale and lead to faster closing dates. Some sellers may even accept a lower offer from a cash buyer to speed up the closing process.
Flexibility and Convenience
Working with a qualified buyer with cash means no more offer contingencies, appraisal requirements, expensive repairs, or real estate agent commissions. A cash buyer is the way to go when you want to sell your property for a fair proposed price while keeping contingencies low.
To receive a fast cash offer, contact A-List Properties today at (972) 526-7042 or fill out our online form.
Zach Shelley
Zach Shelley is a seasoned real estate investor with a diverse network spanning across the nation. As the founder of his own real estate venture, Zach is committed to offering innovative solutions to homeowners facing various real estate challenges.. Through his dedication and strategic approach, Zach continues to make a significant impact in the real estate industry, providing homeowners with alternative pathways to navigate their property transactions.
