Summary: 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.
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.
Published: Jun 28, 2006
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