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Saturday, October 08, 2011

Home Buyer Tips: How Long Does a Seller Have to Respond to My Purchase Offer?

Buyers are impatient once they have submitted an offer to purchase a home.  The enormity of the decision to buy a house is a major source of stress for most buyers - even the most experienced.

And once a decision has been made to go forward they finally make the offer.  In Florida "making the offer" means putting it in writing.

And then they wait…

The wait may not be that long if it is a standard sale.  Usually the communication between real estate agents and clients is pretty quick if everyone is local.  Sometimes, in the case of out of town sellers, the decision may take a few days.  The buyer's real estate agent should always specify in an offer how long the offer is on the table in the space allotted for Time For Acceptance of Offer and Counter-Offers.

My experience has been the question about how long for a response is more common when dealing with a short sale buyer.   With a short sale the seller response time is very often not that different from a standard offer.

With short sales the final decision is what can be longer.  It is the lender who seemingly takes forever to make a decision on a short sale.

But when the decision is made they want all parties to jump to get it done!

How long do short sales take?   My last two contracts closed four months from the date of the contract which is much better than it used to be!

For information on short sales in Brevard County, Florida, call me at 321-693-3850 or email me.

***I am not an attorney nor do I play one on TV.  If you are seeking legal advice regarding real estate contracts, consult an attorney in your area.

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