How long after making an offer on a house

All offers are then presented to the seller at the same time to avoid unnecessary delays. Sellers don't have to respond to offers, even to say, "No, thanks," and sometimes they simply won't. This generally occurs because the offer is either extremely low or unreasonable contingencies are included. Sellers aren't legally obligated to respond to any offer. Sellers generally don't want to be bothered with officially rejecting an offensive or unworkable offer when they have more than one on the table.

They might feel that you're so far apart in terms that countering isn't worth the time and energy it would take. Get an honest opinion from your agent as to how reasonable—or unreasonable—they think your offer was if you find yourself in that situation.

You might already have an idea, because your agent might have warned you that the price you offered was particularly "low ball. You might want to resubmit a new offer at better terms, if possible, if you hear nothing for an extended period of time and if you're not dealing with a short sale. Closing on a home typically takes days.

Several steps are involved, including scheduling your appraisal, getting your home inspected, getting approved by underwriting, and submitting any additional documentation your lender requests. If all parties haven't signed the purchase agreement, you can withdraw an offer on a house without any consequences.

If you're contracted to buy a home, you likely offered an earnest money deposit. In that case, you can withdraw the offer and receive your deposit if it meets any of the contingencies in the contract. For example, if the home inspection uncovers significant defects, you can usually withdraw your offer as long as that was a contingency in your contract. If there isn't a contingency that covers your situation and the purchase agreement is signed, you may lose your earnest money deposit if you withdraw your offer.

You could also face legal action. If all parties haven't signed the purchase agreement, the seller can back out. Otherwise, the seller can back out if a contingency isn't met or the buyer agrees to let the seller out of the deal. Otherwise, the seller could face legal action for not completing the contract. California Association of Realtors. Accessed March 30, Texas State Affordable Housing Corporation. Wells Fargo. An FHA loan requires at least 3. Research the market, know your budget, and make sure you have all the information you need to make a winning offer.

Most importantly, get pre-approved for financing. Your offer will look a lot better to the seller with proof in-hand that you can afford the home. You can start the mortgage pre-approval process right here. Verify your new rate Nov 11th, How Soon Can I Refinance? How Often Can I Refinance? It Is Worth Refinancing For 0. Talk to a Lender: How to make a winning offer on a house: 7 Strategies.

Pete Gerardo The Mortgage Reports contributor. June 25, - 9 min read. These seven tips will give you a better chance to beat the competition without overpaying. How do I put an offer on a house? By Ilona Bray , J. After you've made an offer to buy a house, the seller will either accept your offer, make a counteroffer with one or more changes, or reject the offer outright.

We'll describe here how this could all play out. First, it's important to realize that, whether yours is the only offer to have come along or one of several, a seller doesn't have to accept any particular offer—even if the offer is for the full asking price.

Many homebuyers assume that if they get their offer in before anyone else's, or theirs has the highest dollar figure on it, the house is theirs for the buying.

But that's not so. It doesn't matter if your offer is the first or the highest—the seller simply has no obligation to accept it. With any luck, after submitting the offer to buy a house, the first thing you'll hear back from your real estate agent is that the seller is interested in going forward. But that doesn't yet mean you're in contract; that is, mutually bound to complete the sale. It's rare for a seller to accept a buyer's offer as written. More likely the seller will counteroffer, as described next.

Commonly, a home seller will respond to an offer with a written counteroffer accepting some or most of the terms, but proposing changes to the:. You can accept the seller's counteroffer, reject it, or present a counter counteroffer. Because the offer had technically expired, everyone would have to re-sign and re-initial the offer. An expiration date helps with this, but so does having an agent who talks to the listing agent to find out what would sweeten the deal.

You could get into trouble with your earnest money if more than one gets accepted. How long after making an offer on a house do you hear back? It depends on multiple factors outside your control. But you can control who you pick as an agent, and their communication and negotiation skills can help speed along the time between offer and acceptance.

Buyer Resources. Table of Contents.