offer for buying a home question

Grimmerick

My fiance and I put an offer in on a house with a three day time limit. At 11:45 am this offer will expire. We only heard that there was one other offer put in on the house and that was Monday at 11:45 they were supposed to be reviewing the offers. We haven't hear anything at all, even after our real estate agent tried to contact the sellers agent. He said he has never in all his years experienced this lack of communication with another agent (he could be stretching the truth though) My question is aren't they supposed to let us know if they reject our offer or can they just let the time lapse and not let us know anything? I can't tell if it's a good sign or not that we haven't heard anything about it. *sigh* Home buying is going to be hard isn't it.

mayerel

We just FINALLY bought...closing next week, but it took 6 months and 2 other bids. It's not a fun process. I don't know how it works with time limits, but I think they are supposed to tell you yes or no. We always found out. Just remember, if you lose this one, there is always another one that was meant to be! Looking back, I'm so glad we didn't get the other houses we bid on.

Good luck!!

Josie_lifting_cats

Is it a foreclosure? Some banks are fantastic (I'm a bank rep, and we have answers within an hour a lot of the time!) and some literally take WEEKS to respond. I hope it goes well for you!

Flyntiggr

no they don't have to reply. Not considered good form, but definately in the realm of possibility. They could feel your offer is too low, have been told that there is another offer coming in and are stalling, etc....

summer8it

In my experience (bought three houses, sold two, made offers on bunches) the time limits really aren't enforced or even all that important. I've had my contracts to buy signed well after the time limit, and on the condo we just sold, we signed the buyer's contract after the time limit had expired (because they gave us THREE HOURS, which was ridiculous.)

AmyBeth719

I worked for a real estate office and as a pa for a realtor and I have seen this happen before (too much for my liking), the correct thing to do is to contact you with either a yes or no on your offer. Was this house a bank owned or a short sale? If it was it can take much longer to hear back on your offer.

Good luck! And remember...if it is meant to be it will. )

neverstray

They can just not respond. It's just part of the game. Usually though, they wait until the very last minute. I always do. That is because another better offer could come in. Or, the other offer was better and they are talking to the other party right now. Your agent is lying to you. It's always that way. It's called negotiation.

garfield2099

The answer is that the selling agent is suppose to get back to your agent within the time allotted. The fact that this selling agent is not getting back to you is very unfortunate as they of all people are suppose to say, "hey this offer is too low, how about x number of dollars more"

Do not allow this to reflect negatively on you though - buying a house takes a lot of time and effort and effort and effort if you get what I am saying. And, though it may not be this house - there are many out there and this is truly a buyers market right now!

AmyBeth719

Is it a foreclosure? Some banks are fantastic (I'm a bank rep, and we have answers within an hour a lot of the time!) and some literally take WEEKS to respond. I hope it goes well for you!

Some even take months...lol

SPNLuver83

They can not get back at all, there is no obligation too, especially if they are insulted by your offer.

Grimmerick

We offered what they were asking so I don't think they should be insulted.
Thank you guys sooo much!! It isn't a short sale or foreclosure, the house was in a trust left by the owners mother and she had taken out a reverse mortgage on it. I appreciate all the comments and everyone keeps saying if it is meant to be it will be, so I know thats gotta be true lol, I am of that mind about everything in life as well

dalmiechick45

they have to tell you- no worries, its s big decision on both yours and the sellers part. Even after accepting your offer they can still make counter offers back to you- just a heads up. I just went through process (still going through process right now)

Hang in there- its so stressful!

cloud2011

If the house is in an estate/trust, then you are also dealing with the possibility of family members who disagree about whether to accept an offer. Having just gone through an ordeal of this type, 3 years of siblings arguing over the estate, I realize now that there's a lot of things that can go on behind the scenes that have nothing to do with logic!

Good luck!

Flyntiggr

We offered what they were asking so I don't think they should be insulted.
Thank you guys sooo much!! It isn't a short sale or foreclosure, the house was in a trust left by the owners mother and she had taken out a reverse mortgage on it. I appreciate all the comments and everyone keeps saying if it is meant to be it will be, so I know thats gotta be true lol, I am of that mind about everything in life as well

I call it house Karma!

hope516

I don't really know the answer to your question. But agree with what others have said, that they probably don't HAVE to give you an answer. However, as for your question about house hunting not going to be fun the answer is NOOO~ lol. I looked for a year!!! And it started out fun. But after making and having your first offer accepted but then paying $250 for a home inspection and realizing that the house is a piece of crap and having a seller that plans not to do anything about it SUX!!! I made three different offers in a year and they all fell thru for some reason or another, except for the last one! And all I can say the third time really is the charm!!! I ADORE my house. It is absolutely perfect for me! And the same will happen for you. My only advice is try not to get caught up the waiting time and really look for what is right for you. hope you find somehting you love,soon :drinker:

Josie_lifting_cats

I agree with a previous post - with a trust there are probably issues that the family is dealing with. Hopefully you'll hear yet today. I know it's super stressful!

Josie_lifting_cats

Is it a foreclosure? Some banks are fantastic (I'm a bank rep, and we have answers within an hour a lot of the time!) and some literally take WEEKS to respond. I hope it goes well for you!

Some even take months...lol

Short sales.... yes. They take FOREVER. I haven't had an actual bank-owned go for than about three weeks before we had a response. I'm so spoiled now, though - I can close one on Friday if I get the PA on Monday. Life is peachy here!

KellyMirth

I've been an agent for almost four years and I can tell you that this is not unheard of. The only rule about response time is that the contract is unenforceable once the deadline has passed. In Arizona where I live, a verbal contract is considered valid so if the listing agent were to call the selling agent and say their clients had accepted/declined that would stand. But, no response at all means the contract is dead. As a buyer if you really want the property and they come back with approval after the deadline, you are more than welcome to accept it. But if you've decided you don't want it while waiting and they accept it after the deadline, you just say no thanks, contract expired at xx:xx. Usually it's the banks that do this to buyers but I've had a few homeowners do it as well. I think it's exceedingly rude on the part of both the homeowner and the listing agent and I've been known to call the listing agent's broker if I'm not getting any kind of communication.

KellyMirth

Technically no, they can't make a counter offer after the contract has been accepted. It's a contract, a legal document that will stand up in court if need be so long as it's fully executed (meaning all parties have signed.) The counter offers going back and forth will occur before the final fully executed document. The only changes possible will be 1.) Within the inspection period if the buyer asks for repairs to be done to the home. Then the negotiating becomes what repairs will the seller make at what cost (if any) and 2.) If the appraisal comes in below the purchase price and the buyer asks the seller to come down. Other than this, if either side tries to change the contract after the fact, all parties have to agree with the changes or the original document holds. Neither party can force the other side to accept changes to the contract.