I’m curious to know if you have an expiration date/time on your offers made on off market deals. On market I usually have a 24-48 hr acceptance period and then my offer expires. All feedback is appreciated!
I don't... but I'm not investing in a hot market. I can completely understand if someone was investing in a hot market and using it as a tactic to lock the property up quickly.
Though if someone comes back to me weeks/months later wanting to sell I have lowered my offer.
All off-market deals I've done were sellers with inept property management who wanted out. I've had the best results talking sell price over the phone. That's the time to remind them of their pain points and tell them why you're offering what you are.
@Alexander Hamilton - No. We leave an offer and let the seller think, because ours are low offers and usually a disappointment to the seller.
We've had many people call back 3, 6, 12 months later and a number call back 18 months later or more. Are our offers still good? Depends. We re-inspect and negotiate from there.
Plenty of houses out there. Be a service to the seller and make a connection. No need to be in a rush to buy any of them.
Expirations are not widely used in my market. When people do see them, they consider them to be passive aggressive and dont look on them favorably.
I use a contract that has a clause in it that allows me to choose whether or not I want to accept a counter offer once my initial offer expires. Depending on the deal, I usually give sellers a day to reply, sometimes less, sometimes more.