How long is an offer to buy valid?

[GregDVC]

We put in an offer this weekend and have not heard back yet from the broker if it was presented or rejected. How long is an offer valid for? I have seen in general an offer to purchase real estate is valid for 72 hours. Just curious to see how long we should wait until moving in from this listing if we don't get a response.

 

[skier_pete]

Good question - but the truth is that this will likely depend on your broker - you should check with whatever company you are using. Clearly you can rescind the offer at anytime before it's accepted, and I believe typically you are given 10 days to back out even after the offer is accepted. After 10 days you would typically lose your deposit if you were to back out.

 

[GregDVC]

Ok thanks, wasn't sure if there was a certain time frame around a legal offer which we are bound to. We are wondering if this is just taking longer to get a response since the offer went in late Friday afternoon. However we also don't want to be tied to this offer if we see something else come up. So I guess we could just email a follow up to advise the offer is recided just to cover ourselves if we wanted to pursue another listing?

 

[SG131]

Ok thanks, wasn't sure if there was a certain time frame around a legal offer which we are bound to. We are wondering if this is just taking longer to get a response since the offer went in late Friday afternoon. However we also don't want to be tied to this offer if we see something else come up. So I guess we could just email a follow up to advise the offer is recided just to cover ourselves if we wanted to pursue another listing?

Some companies aren't on open on the weekend so it depends what broker you used. Today is also a holiday for some. I also had a broker that didn't email me until she had heard back from the seller which was odd. I'd say if you don't hear anything by tomorrow then that's unusual, but I think right now you're still in the realm of normal depending on the agency.

 

[poofyo101]

Some brokers are very good at communicating. Some not so much

 

[CarolMN]

You can always put an expiration on every offer you submit. For example, "offer good until 5 pm Eastern on mm/dd/yy".

 

[montreid]

Even accepted offers aren't BINDING until both parties sign a contract. example: We had an accepted offer that the broker presented another competing offer to the seller while awaiting the seller's signatures.

Though unethical, there's no legal contract signed by BOTH parties sign the contract.

 

[gharter]

The offer is active until it is accepted, rejected, or you pull it.
I fyou haven't heard after 2-3 days, I would call the broker to see what is going on.

 

[jerseyduke]

I personally would look at when it was listed. If it has been listed for a while, I would say pull it after two days.

We live in a world where you get emails instantly virtually anywhere on the planet.

Put the pressure on the seller, dont let them dilly dally hoping for a better offer.

I'd contact the broker and say the offer is good until close of business Wednesday. After that, its rescinded, but thats just me