You finally found that perfect home, and in this competitive market, you’ve come in with your strongest offer. Now, you wait. And there’s nothing worse than waiting to hear back on one of the biggest financial decisions of your life

Unfortunately, in the world of real estate waiting is par for the course. But just how long are you expected to wait? While there is no set rule governing the amount of time a seller can take to respond, there is an industry standard that REALTORS^® and sellers generally adhere to.

In theory, sellers can take as long as they want before responding to an offer, but most listing agents get back to buyers within a few days. For the most part, 24 to 48 hours seems to be the standard observed by most sellers and their agents, but there are some exceptions.

 

When it might take longer

In today’s market, multiple offers are quite common, and in these situations, response times can increase. When sellers receive more than one offer, they must carefully review them with their agent and choose the one that works best for them — and that does not always mean the offer for the most money.

While some sort of response is typical, there is nothing illegal or unethical if a seller does not respond. A seller may dismiss an offer altogether if they believe it to be unreasonable, incomplete, or otherwise not in their best interests. Sellers may choose not to deal with offers well below the asking price — "low-ball" offers — especially if they have better offers on the table. Sellers may also choose to ignore offers that contain what they see as unreasonable terms, such as little or no earnest money deposit or excessive seller concessions.

There are also times when a seller may be out of town or on vacation, although in most cases, a professional listing agent will let a buyer’s agent know that response times may be longer so that expectations are set.

 

Setting a time limit

If you’re concerned about how long a seller may take to respond, talk with your REALTOR^® about setting a contractual time limit in your offer. Michigan’s real estate contract provides a time limit section in which buyers can set an expiration date on their offer. If there is no response by the date and time listed, the contract is void.

While a “time limit of offer” is quite common, buyers do need to be strategic when setting their timing.

 

Partner with a professional

The offer is just one step in the home buying journey, and it can be an emotional and stressful experience. The best way to ensure you are educated on the process and financially protected is to work with an experienced, local REALTOR^®. Their full-time job is to act as a liaison between buyers and sellers. They are experts in negotiating and they deal with transactional contracts and conditions on a regular basis.

Most agents will likely agree that the best way to set appropriate timing is open and frank discussions with the seller’s agent. Your REALTOR^® is familiar with these conversations and knows what questions to ask and how to present you, as the buyer, in the best light.

If a real estate purchase is in your future, it’s never too early to get the ball rolling with a REALTOR^® consultation. For a list of experienced area agents who are ready to guide you through this journey, visit the Greater Lansing Association of REALTORS^® website at www.lansing-realestate.com.