First Come, First Served
Which of the following is a legitimate reason for a Seller to take longer than 48 hours to respond to a Buyer’s written offer?
A. The Seller is out-of-town.
B. The Seller’s agent is out-of-town.
C. The Seller is sick.
D. The Seller’s lawyer needs to review the offer.
Answer: none of the above.
Harsh as that may sound, there really is no acceptable reason for a Seller taking longer than 48 hours to formally respond to (counter) a Buyer’s offer.
In fact, 24 hours or less is preferred.
Extenuating Circumstances
Not that longer delays don’t occur.
But, Sellers who want to sell (and their Realtors) anticipate such things as travel, and either line up a back-up (in the case of the agent) or on-the-road access to email, fax, etc. (the Seller).
Illness obviously can be unexpected, but if the Seller is facing a serious, ongoing medical problem, it is appropriate for them to deputize a representative to act in their stead.
The most common way to do that is through a limited power of attorney.
Stringing Buyers Along vs. Not
Which leaves multiple offers.
When a listing turns into a feeding frenzy — which has been known to happen lately — it can be appropriate to delay things (a bit).
But then, the appropriate response is to set a deadline — usually no more than, yup . . . 48 hours — for Buyers to submit their highest and best offers.
P.S.: Buyers who feel they are being strung along can withdraw their offer at any point prior to Final Acceptance (everything being signed).
