When will I get an answer on the purchase offer on my home purchase? Usually the process can take a bit of time. You’ve found the perfect house after weeks of looking at one house after the next! Now, all you want is to know if it will become your home. Your Realtor takes time to help you make sure the asking price of a property you are interested in is fair. Then an offer is submitted. Your Realtor will suggest giving the seller 24 to 72 hours depending on the market trends in your area. Then the listing agent has to present the offer to the seller. A discussion with them of what their net profit will look like if they accept the terms of your offer occurs. Once this is done the seller can either decide to accept your offer or counter offer. The seller also has the option to do nothing right away and hope for a better offer before the allotted time expires on your offer.
Our schedules are very hectic in these times, with most households working 8 to 10 hours per day. The purchase offer response depends on access the listing agent has to the seller’s schedule. With this said this is why many buyer’s become frustrated with the wait. Sellers have a work schedule just as the buyer does. Further the seller most likely has to obtain another place to live. Something a buyer should remember is they too, if the offer is accepted will cause the seller to have anxiety. Usually, from waiting on answers due to the buyer’s loan set-up process. Thus patience on both sides of the deal will be needed.
When all is considered, the speed at which a final answer is gotten from a seller often depends on the sensibility of the offer. A good buyer’s agent takes time to check current market values of similar houses. Also, a good buyer’s agent estimates payoff of the seller’s house. From this information, smart offers can be made from the start.
The mechanics of a “sensible offer” is pertinent for a faster process. For example, if a house is listed for $100K and you offer $90K and request closing expenses. The seller would be contributing nearly $15,000 to your purchase. Add to this figure the seller usually has already agreed to pay your agent’s fees for services to you. So now you the buyer, will be getting around $20,000 of the seller’s funds. So, if the $90,000 offer is accepted it leaves them $80,000 of their investment to payoff their mortgage and have a little towards buying a house. No doubt a slow response would come on an offer like this. The seller is in a position to hope a better offer will come before your offer expires. Would you be willing to give this large of an amount of your investment away?
On the other hand a seller may have the house listed at $120K but the current estimated value is only $100K when compared to similar houses in the neighborhood. Offering $105K may be reasonable if you intend to ask for closing expenses be paid from the seller’s funds. Once again although it maybe a fair offer, the seller may have to adjust to the return on their profit being less. The buyer will most likely move slower to decide if the house is worth what is being asked.
Your Realtor’s advice and guidance is quite important for both the seller and the buyer for a speedy purchase offer process. Especially with the length of time it could take to finalize an answer based on your offer if it isn’t reasonable or sensible. Contact me by clicking HERE for any questions you may need answers to!
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