How long should it take to write up offer if buyer is interested?

Question

I know that this can really vary. I am still hoping to get some opinions on average time for sellers realtor to receive an offer after a showing (obviously, if buyer wants to make an offer)?

Marian Huish · Answer

It’s appears that you may be an anxious Seller @Brian Acheiatoph!?  An excited Buyer with the intent of writing an offer is very different than an offer in hand!  There can be many factors impacting the delay! Are buyers available to sign & in agreement on terms?  Perhaps they were not yet pre-approved to buy!?  Funding can be difficult to get these days.  Typically can be 12-24 hours from notice of intent to write vs actual receipt.  I hope you receive it soon.  -best.

Bruce Lynn · Answer

@Brian Acheiatoph   I would never expect an offer until you have one in hand.   I also say don't count the money in the bank until it's in the bank.   I think it is fairly common for people to think they want to make an offer and never do.   It's pretty rare for me to write on in the car or an hour after showing.   Everyone is different.  I've sold houses to people who never saw them, and I've had other buyers that took a year to write an offer.

Everyone is different on the approval deal, but you could be missing buyers who don't have a preapproval in hand.  While of course we want everyone to get preapproved before they look, not everyone does.   Every realtor is different, but I often check out my buyers before we look....I probably have a good basic understanding of where they will be financially.  If you're requiring the preapproval letter up front before they see the home, well you may be cutting out my buyers.   As not all have one in hand today while they look, but they could be the strongest buyers you would ever get.   Many of my well qualified buyers may be talking to lenders, getting their docs in order, want to be fully underwritten, or be someplace else in the process while they look.  So when you ask for the letter up front, they often just pass and think it is not worth the hassle.   To me you want to make it as easy as possible for realtors and buyers to see your house....covid or no covid.   Every hurdle you through in the way...not using showing service, putting appointment required on showing service, restricting hours, restricting showings,and on and on, gets you less buyers, gets you less offers, gets you potentially a lower sales price.  What I normally see is more showings, more offers, higher sales price.

Jonathan Greene · Answer

You need to pump the brakes on yourself or your anxious energy will trickle through to your agent and then to the buyer's agent and then to the buyer. I put a listing on last Monday, we had nine showings in two days, seven parties were interested and one said they were definitely offering. By Friday we had one lowball offer and bunch of maybes playing games. Market buyers can be very fickle and nervous and will change their mind over and over. Part of what makes it worse is that many buyer's agents are horrendous about giving buyers good advice. I can tell you though that if I had a buyer and I sensed anxiousness in a seller, I would interpret that they needed to sell. That is why you don't want that to get away from and into their minds. If it's priced well, it will sell. You can't rush the mindset of buyers, especially not right now.

Colleen F. · Answer

@Bruce Lynn in another environment non-approved buyers might be fine, but in COVID people are trying to limit showings to only serious buyers. I think that is why some agents and agencies are insisting on pre-approval.

@Brian Acheiatoph play it cool even with your own agent as far as offers are concerned.  Some agents will communicate more to the buyer then you want. In my experience even when people really like a house it can take 24 hours signing and deciding on specifics. Hot markets and hot houses will be quicker. Usually your agent will be told an offer is coming in before they get it. That said even people who appear to really love a place and spend a lot of time at a showing don't offer for all kinds of reasons. don't bank on the offer until after inspection.

Tim Herman · Answer

@Brian Acheiatoph look now to purchase of a property and if you find a property you like make it subject to you selling your property and financing. The ideal would be a double close. If you wait there is a likely chance you will be renting for at least a month.

Brian Acheiatoph · Answer

Thank you- we don’t need to sell but we are waiting to look for a new house until we are under contract with our current. I haven’t had my agent ask for anything quickly  or expressed urgency. Which is why I am writing on here just to see what the “norm” might be! I know everything is super not normal right now. :)

Irene Nash · Answer

It's not at all unusual for a buyer to sleep on it, unless you're in a competitive market where homes go fast and buyers are aware they have to move quickly. On the one hand sleeping on it may mean that the house is not a 'no brainer' for them, on the other hand it may mean that they're the type of person who thinks over decisions carefully, which is good. People who are careful about making decisions are more likely to stick to what they ultimately decide on. Obviously if someone has already done all their research or seen a lot of homes or has made a few offers and lost out in previous bidding wars then a quick decision would be easier for them.

Brian Acheiatoph · Answer

You are correct! Anxious seller here with not much knowledge on the process. Because of COVID my realtor is checking for preapproval before showing just to make sure we have only serious buyers walking through. So I know that part is not a hold up but am glad to hear there can be many reasons an offer doesn’t come through within a few hours.

Brian Acheiatoph · Answer

Thank you for your reply. Do you often see a buyer want to take the night to think on it and offer made the next day?

Bruce Lynn · Answer

I normally say a couple of hours if you want any research done about prices, neighborhood, seller's disclosure, any other disclosures, etc.  If you just want the offer written and no research and I have all your info already that needs to go in the offer, like how much down, what kind of financing you are using, when you want to close and all the other details...15-20 minutes?

How long should it take to write up offer if buyer is interested?

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