Author Topic: Average time for offer acceptance and counter.  (Read 2589 times)

v10viperbox

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Average time for offer acceptance and counter.
« on: September 10, 2014, 11:11:57 AM »
Kind of a odd question, we have made a all cash offer on a home here in San Diego. Offer went out, took three days for them to counter back and only a verbal. So then we come back in the middle and we are stuck in purgatory waiting again as they want us to officially counter there counter. Which they have not signed in three days.

There are ~4 offers on the house, we are above all $ wise, and the only non contingent offer at this point and the only cash offer. So now they are sending the same counter off out to all who sent in offers in what looks to be three days. Are they just fishing for more offers and using the delay to show the home more.

Would it be bad form to make an offer on a second home while we are waiting for these yahoo's. If the second home accepts and they accept then what?
« Last Edit: September 10, 2014, 11:13:39 AM by v10viperbox »

usmarine1975

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Re: Average time for offer acceptance and counter.
« Reply #1 on: September 10, 2014, 11:26:48 AM »
Oh the fun of making offers and haggling price.  My wife and I made an offer on a home last year before we purchased the one we now live in.  They countered but didn't drop near enough and we decided they weren't in the mode to sell for the price we wanted.  We walked. 

In regards to offering on another home, you should check with your realtor/lawyer depending which you used to make sure of what the offer you signed actually states.  If it gives you the ability to back out or not.  I don't see it tying you down so to speak as generally both parties have to sign a sales agreement to get to that point and even then, a buyer can back out for specific reasons including not getting financing.  With yours being a cash offer I would want to be certain what your abilities are.

v10viperbox

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Re: Average time for offer acceptance and counter.
« Reply #2 on: September 10, 2014, 11:35:31 AM »
The cash off is what is throwing us off.  We are even pre inspection so if I got both I am sure I can find something wrong with the house to back out.

Just frustrated with the wait. If I had someone with a million dollars in cash offering to buy a home in my published range I would jump so fast.

usmarine1975

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Re: Average time for offer acceptance and counter.
« Reply #3 on: September 10, 2014, 12:06:12 PM »
Not if you felt you could squeeze more out of the said person holding a million dollars.

DoubleDown

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Re: Average time for offer acceptance and counter.
« Reply #4 on: September 10, 2014, 01:31:38 PM »
If you still want to try for the house, I would put in a written counter-offer with a short expiration period -- say, 24 hours. After that time passes with no action by them, your offer expires. That will prevent them from shopping your offer around as they are doing. If you want to pass on the house and make offers on other houses, you can rescind your previous offer in writing. Then you will be under no obligation or worries about them accepting your earlier offers.

This is a good example of why offers should always have a 24-48 hour expiration.

v10viperbox

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Re: Average time for offer acceptance and counter.
« Reply #5 on: September 10, 2014, 03:38:28 PM »

This is a good example of why offers should always have a 24-48 hour expiration.

There we go that's what we are going to add to the counter this time. Both you and my real estate agent are on the same page.

arebelspy

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Re: Average time for offer acceptance and counter.
« Reply #6 on: September 10, 2014, 09:14:08 PM »
Agreed on the expiration.  You can always withdraw your current offer and resubmit with a deadline.
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v10viperbox

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Re: Average time for offer acceptance and counter.
« Reply #7 on: September 12, 2014, 10:24:31 AM »
So offer came and went. Now they are doing a huge open house and some there stuff and they said they need more time.

Cutting our losses.