How soon should you expect a response to an offer to purchase a home?
The decision to make an offer on a home can create anticipation and anxiety. How soon after presenting an offer should you expect a response from the seller?
The PA Association of Realtors Agreement of Sale includes a time frame for a written response, to be specified by the buyer. There are a couple of different situations that could affect how long you might want to give a seller to respond:
Private Owners - If the home is owned by an individual you could allow as long as you want; anywhere from 1 hour to 1 week or more. The longer you allow, the greater the chance that competing offers could be presented, however, there may be some cases when you would like to give the seller a few days. Typical response times might range from 24 to 36 hours, but you should discuss this with your agent and thoroughly understand the pros and cons of the time frame you specify.
Short Sales - These homes are also privately owned, so the same rules noted above apply here. The difference is that after you have a completed, executed agreement with the seller, you may wait for 8-12 weeks to get final approval from the lender.
Corporate Owners/Estates - On bank or corporate owned properties you can still specify a requested response time, but generally it can take several days to get an answer. You should also remember that banks and attornies standardly operate Mon-Fri. They may also need investor approval which could increase your wait time.
In any case, a careful review if the terms of your offer with your Buyers Representative is important, and knowing what to expect and your alternatives can help relieve much of the anxiety of waiting.