As a culture, we have become quite used to immediate gratification; this is on full display when a potential buyer makes an offer on a home. Unfortunately, sellers are not obligated to accept your offer immediately. So what should you expect?
Absent a clause in an offer requiring a seller to accept by a certain date, there is no rule regarding how long a seller can take to accept an offer. In California, however, the contract defaults to three days unless otherwise stated. This is true as it relates to contracts in general (though there are several ways an offer can be deemed revoked by the offeror [the buyer here]). With that said, most agents try to respond to offers within 48 to 72 hours after it’s made. However, there are scenarios where it may take longer.
As a general rule, sellers take longer to respond to offers when they have received multiple offers on their property. This makes sense, as the seller is in a position to pick the most lucrative offer, and it’s not always immediately apparent what the best offer is. Another reason a seller might not respond immediately is if your offer was far below their expectations. Also, if an offer is received immediately after it is listed, a Seller may opt to give the home more market exposure to ensure all potential Buyers have had a chance to see it before responding to offers.
As noted above, you can place a clause in your offer requiring a seller to respond by whatever date you choose. The practical effect of this is a seller cannot “accept” your offer (creating a binding contract) after the date you set – this is because the offer is revoked as of the date you set. However, a Seller may opt to issue a counter to an expired offer and add a term to the counter stating the expiration of the offer is extended; then a Buyer may choose to engage in the counter process if they are so inclined.
At the Chernov Team we understand that knowledge is power, and knowledge of the process is powerful knowledge indeed. Further, knowledge of how to set the terms of your offer in a manner that reflects your goals is powerful knowledge. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.