Submitted an offer. Still waiting...

12 Replies

Hello everyone,

I know there isn't a specific amount of time from when an offer is placed on a property to when the seller counters/accepts/rejects the offer. However, I did want to know how much time is too long after an offer has been placed on a property?

Here's the quick and dirty:

I'm looking to secure my first multi family property for buy and hold. I found a few properties and placed offers. Most of them responded within 48-72 hours. However, there is one property that has yet to send a response. The offer was placed about a month ago. Now, I'm no expert, but based on recent experiences with offer submissions, I feel that 1 month is way too long to receive a response. Am I wrong?

There's more to it. It so happens that my agent personally knows the agent for the subject property and according to my agent, the other agent is holding up the offer process so that they don't have to split the commission. Does this sound right? It makes sense to me but at the same time I'm not sure.

Some more info:

  • FHA loan
  • Offer submitted 10k above asking price due to other offers on the table
  • 2 unit Property in LA City

Again, I've never purchased property before. This is my first time going through the home buying process. I get a feeling something isn't right, here. Any guidance or help with this will be greatly appreciated.  

Thank you,

D

Suggest you start looking other places and property.  I think you got talked into making that much of an increase offer. ( You got hustled )  Suggest you also fire the Realtor and never work with him again. He is not on you side at all.

There is  a time  and place to offer more than the asking price for something but this is not the time .

Yes you are right there is no good reason to withhold unless they are trying to collect more bids and ect.

Let your feeling be your guide.

Going forward, every offer should have an expiration date. Good luck.

@Dilthon Ramos - You viewed multiple properties and placed offers on most of them? Maybe the realtor knows that you are wasting everyones time...... Were all your other offers rejected? I hope your MO isn't to offer 10k over ask on all properties. 

Originally posted by Account Closed:

@Dilthon Ramos - You viewed multiple properties and placed offers on most of them? Maybe the realtor knows that you are wasting everyones time...... Were all your other offers rejected? I hope your MO isn't to offer 10k over ask on all properties. 

We viewed multiple properties and placed offers on the ones we liked. We only submitted over asking price only on 2 of 5 properties. 3 of 5 offers were rejected due to cash offers from other buyers. We opted out of 1 of the offers submitted as the property did not have permits with the city for the 2nd unit. The other is still pending (subject property). The only times we submit offers over asking is if I notice lots of interest in the property.

Originally posted by @Dennis Jayy :

Suggest you start looking other places and property.  I think you got talked into making that much of an increase offer. ( You got hustled )  Suggest you also fire the Realtor and never work with him again. He is not on you side at all.

There is  a time  and place to offer more than the asking price for something but this is not the time .

Yes you are right there is no good reason to withhold unless they are trying to collect more bids and ect.

Let your feeling be your guide.

Thanks for the advice. My agent mentioned that the other agent is likely buying time to collect more bids. I didn't like that at all. 



Also, thank you, Al Wilson. Having an expiration date for the offer is a great idea.

Generally ALL standardized offers have an expiration date.  At one month, yeah it's dead.  An owner is not required to respond, but the agent should say so, unless they are playing games.

If a month has gone by and you have had no response then its pretty much a waste. Typically you should know by day 2 or 3 whats going on especially if the property ends up in a "highest and best" scenario. Did your agent follow up with the selling agent by the end of the week? Did you ask him to? If I do not hear anything by day 2 or 3 my agent will follow up or if I ask him to follow up before hand on it. Now that is not to say that the selling agent is just plain lazy. We have come across those agents that just will not respond to you in any way to let you know what is going on. And yes as some have said here the contract should have an expiration date on it. 

Just received word that the sellers are looking for a temporary place to stay and that is the reason for the hold up.

In the meantime, still looking around for something else.

Thanks to all! 

A month is too long to not respond.  If the property was in California, look for a paragraph towards the end of the Purchase Agreement you submitted that will read something to the effect of:

EXPIRATION OF OFFER: This offer shall be deemed revoked and the deposit, if any, shall be returned to Buyer unless the offer is Signed by Seller and a Copy of the Signed offer is personally received by Buyer, or by _________________________________, who is authorized to receive it, by 5:00 pm on the third Day after this offer is signed by Buyer (or by _____________ AM/ PM, on ___________________(date)).

On the next one suggest you place an offer at or below the asking price and a expiration date.  The Realtor will tell you they got a higher offer or something about it, Then you can think about doing another higher offer or not. Can get a lot of info from their response and how quick and ect.

Learn to listen between the lines and words.

Originally posted by @Dennis Jayy :

On the next one suggest you place an offer at or below the asking price and a expiration date.  The Realtor will tell you they got a higher offer or something about it, Then you can think about doing another higher offer or not. Can get a lot of info from their response and how quick and ect.

Learn to listen between the lines and words.

 That's great advice. Thanks, Dennis.

UPDATE: 10/20/15

Our offer was accepted.

Turns out, the sellers jumped the gun on listing their home. My agent advised that there are 2 families living on the property. The family in the first unit is relocating out of the country. The delay was cause by the family in the 2nd unit. They didn't have anywhere to move to so the delay was to buy time for the 2nd unit to empty. I had to double check so I verified this with the owner and the tenants in the front unit and the story checked out. 

Thanks, again!

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