How long to wait for seller to reply to final offer

Question

The house I want to buy has been on the market since November because of being over priced. Been negotiating all weekend and submitted our beSt and final offer yesterday at 1 pm told them we would like to know by end of day to open escrow today. Seller agent said he needs time to think and process. How long do I give him?

Joe Villeneuve · Answer

The end of the day today.  IF they don't reply by then, tell the seller's agent that the offer is still on the table if interested, but you will be pursuing other interests and if you find another project before/if seller replies, then you will not be able to buy this property.

...and, if they don't reply by the end of the day today, but they do reply and agree to your offer after a week from today, tell them you used the money on another offer, but you still might be interested in their property if they lowered the Asking Price to $????? (at least 5% less) because you're only able to make that new offer as your maximum offer due to currently available funds...and give them 3 days to reply, with the same statement about your/this "offer still good but not forever...".

You'd be surprised how fast they reply the second time.