Time Limit On Buyer's Offer
REM #A705
By Ilyce R. Glink
Summary: A reader has made an offer on a new home and the seller has yet to accept. Ilyce explains the time limits involved in making an offer on a home.
Q: I am offering to buy a home at full price. How long does the seller have
to accept my offer?
A: The answer to your question depends how long you gave him to respond to
your offer in the contract. Most savvy buyers set a 24 to 48-hour period for
acceptance of the contract. If the seller fails to accept the contract within
that time period, the offer becomes null and void.
If you don’t put an end time on the contract, the offer could be considered
valid 6 months from now, and you may be legally obligated to follow through
if the seller accepts it as is.
If you haven't heard back from your seller within 2 days of making the offer,
you should rescind the offer in writing. You can always resubmit the offer with
a time limit attached. This will serve to put pressure on the seller by letting
him or her know that the offer will expire. This will also limit the seller’s
ability to “shop” your off to other potential buyers.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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