Although it's not common for the seller of the home not to respond, it happens especially in situations of multiple offers or in a bidding war. Sellers often prioritize the offers they will consider and respond to, and ignore the rest if they are not legally required to respond, as this varies from state to state. Most real estate agents say that a seller has about 24 hours to respond to an offer. However, it's important to note that every situation is different and there may be some exceptions.
While most lenders have REO departments and specialists that focus on selling properties that the bank has recovered, they are still negotiating with a large company rather than an individual seller. But my sellers tried to play with both to get an even better offer, and both cash offers weren't accepted. If the seller or the seller's agent think it's out of what's needed, they can ask the buyer to shorten the deadline. The best-case scenario is that they accept your offer and then quickly move on to the home inspection stage.
Unless, of course, you're trying to buy a property and the seller is taking forever to respond to your offer. When a written offer is rejected, it's usually a sign that the seller believes the buyer qualifies, but they may simply be “trying things out to see what the answer is.” One of the most common questions that real estate agents often ask is how long the seller of a home will have to respond to an offer. One solution could be a rent refund that would financially compensate a patient buyer if the seller needs more time to make the transition after the sale. If the seller exceeds this limit, the contract is void and the buyer must submit a new offer if they still want to continue with the process.
While some states allow the buyer to set the offer expiration date in their offer, others have residential purchase agreements with built-in language that sets a deadline for the seller. The seller's agent may recommend that you do not review the offers until the first open day. For example, if the offer is low with a price much lower than the asking price, the seller may think that the buyer is simply not credible. Maybe the seller needs a specific closing date because he has purchased another home and wants to align the closing dates.
