How long does a seller have to respond to an offer

QUESTION

How long does a seller have to respond to an offer?

ANSWER

Frustratingly for the buyer, there is no limit on the amount of time required for the seller to respond to the offer to purchase.

The industry standard is 24 to 48 hours, and most sellers will respond within this time.

However, if the seller is taking a long time, it indicates that they may be considering multiple offers.

The buyer can include a request that the seller respond within a certain amount of time when making the offer.

Of course, this has to be negotiated carefully as it can backfire, especially if the seller has multiple offers on the table.

Make the home buying process easier by applying for a home loan with ooba Home Loans. We can submit your home loan application to multiple banks, allowing you to compare deals and choose the one with the most favourable interest rates.