When you’re waiting for your offer to be approved, countered or rejected, time appears to move in slow motion. If you did not specify a time limit in your deal, you might be waiting some time. Even if you did, the vendor has the opportunity to amend the time period by countering your offer.
Sellers will often do this to keep you on the hook to say and get a bit more time. They know you won’t take the counter-offer, but they’re hoping you will counter back.
Most buyers want the vendor to respond quickly. In the end, it means that their hunt for a house is almost over. Buyers are happy to hear an endorsement to their offer as soon as possible.
In a buyer’s market, many buyers are less desperate. They frequently give a vendor a longer time period, but in doing this they run the risk of the vendor letting other prospective buyers know about the offer.
In the event that you failed not to the time period for approval on your deal, you want to fix this as soon as possible. Email or fax the seller or seller’s agent about the time period under which the offer will stay open. If it’s been a couple of days since you introduced the offer to the seller, you can certainly request an answer in twenty five hours. That is more than okay.
Should you notify the vendor of a time period after presenting the deal, be certain you back up your request with your desire to buy the home. This will reinforce your interest in the property and might assist the seller decided in your favor.