When placing a bid on a house...?

Question

When placing a bid on a house, if you need an an answer quickly, how many days/weeks should we ask that the owner respond in? What is the minimum amount of time we can ask for a response in?

Thanks.

Answer 1

5 days for a Private seller- you normally hear back fast unless they are swimming in bids or you underbid by a lot.  You can ask anything you want- 24 hours but they may ask for more time.

For a Bank or foreclosure- pull up a chair, it can take up till two months.  

Answer 2

Right now, given the market conditions, I would demand a response by end end of the day, second day at most, if it were today you put it in, MAYBE give them the weekend.

Answer 3

You can ask for anything but I'd give them at least 24 hours to mull it over.  You can put something in the contract that essentially says this contract becomes null and void after midnight on such and such a day.  i do that on all contracts as I just don't want them hanging out there unanswered very long.  Still, even if you put that clause its frequent that the seller will get back to you with a counter offer after the deadline has expired.  No big deal if he does, just keep negotiating if you are still interested or tell him if you are not.

Answer 4

You can ask for anything you want just try not to be unreasonable.  A private seller as opposed to a bank should be able to respond in 5 days maximum.  A bank selling property that they own may take upwards of 2 months to respond.  Good luck!

Answer 5

As a REALTOR, I've given as short a time period as three hours for a response, if the property is 'hot'.  The longer time frame one allows, the more chances for other offers to come in.  As they say in real estate, "he who snoozes, loses."