I am working my first deal to help my client to get his home settle. It is a quick move-in property and will be ready in a month.
The sales person was really hard to talk to lower his price (or my communication skill needs more improvement), but he finally gave in and accepted our low offer orally. He mention he will give us response next day. I mentioned low, it is low, but not the lowest I can find on the MLS records under same condition.
As I said this is my first transaction, my mentor told me just wait and see. But I really want to know how long the wait is reasonable. I don't want to call back and check to give builder an impression that we have to have that house. I just need to know if we should go ahead to move on or keep waiting.
PS. Property is in DFW area. Sales mention he is selling 6-7 house a month.
Did you actually submit a written offer? I can't think of a state where verbal offer or acceptance counts. Follow up in 2-3 days @Jaimie Chen if you did submit an written offer; if you didn't they might be waiting on that.
You don't have to make it sounds you want the house, you can even say your buyers are looking at other properties and planning to put in an offer and just asked you to get an answer. Chances are they're holding out for better offers from what you described. Most offers expire after 3 days in the standard state forms anyway.
If you don't have a written offer in the builder's hands already, I suggest you get one. Present it with an EMD and pre-approval letter.
Be sure you vet the lender too. If the lender hasn't pulled pay stubs, W2s, tax returns and bank statements, the pre-approval the buyer has is worthless.
If the builder's agent is at all sharp, they'll call the lender and ask these questions before accepting your offer. Unless they're really dumb (which is unlikely), they won't accept your offer without a GOOD pre-approval.
It's best for you to find out whether the pre-approval is good in advance. You'll be doing your buyer a great service.