Each offer a seller receives contains a time frame for offer acceptance or rejection. Some time frames can be considered unreasonable such as upon presentation. Sellers don't want to adhere to unreasonable demands by a buyer, and they don't have to. On the other hand, sellers might not know how long they have for offer acceptance. When I once asked a seller how she wanted to respond upon receipt of an offer, I've actually had the seller say to check back in a week. Yikes, it doesn't work that way. We don't have a week to think about the offer.
This is why it's a good idea to discuss with your agent what happens when you receive an offer. You can be so focused on putting your home on the market and trying to sell it that you don't talk about offer acceptance before an offer arrives.
More Articles by Elizabeth Weintraub:
What is a Backup Offer?
How to Negotiate Multiple Purchase Offers
Making a Good Offer on a Home
Technorati tag: offer acceptance
At the time of writing, Elizabeth Weintraub, BRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
How Much Time Do Sellers Have for Offer Acceptance? originally appeared on About.com Home Buying / Selling on Wednesday, February 26th, 2014 at 05:00:36.
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