Counter Offer Time Frame?
Imagine an offer was made on a property selling for $450K and was offered $350K,
(June 26, 2003 Thursday), no counter was made but they said they will look into the offer the following Monday.
Suppose the Agent that made the offer went to the Hospital and doesnt know if there was a counter offer. If there was a counter offer.....is there a time frame for that offer to be accepted? What would be a courteuous time frame to wait? If any.
Vern I'll make a guess here since we are hypothetical any way. I have never senn anything or anyone stop a deal if the buyer is on that house . I don't think hospitalization would slow anything down unless it was in an one broker agency.
Interested to here what happens
Since it is a SELLER's market (CA), SELLERs usually have multiple offers to choose from. On your purchase contract or counter offer, you should always put a date as to when the other party must respond whether it be a rejection or acceptance. If the time limit passes, you can take it as "oh, they found a better offer," OR (what we do) is hound the SELLER until you can get an answer and find closure on the offer. SELLERs really owe it to prospective BUYERS to respond so if their is a rejection, at least the BUYER can start searching again.