How Long Does It Take to Hear Back From an Offer on a House?
Navigate the uncertain waiting period after submitting a house offer. Get clarity on typical response times and what to expect next.
Submitting an offer on a house can be an exciting yet anxious moment for prospective buyers. After the offer is presented, a period of waiting begins for the seller’s response. This waiting period is a standard part of the home-buying process, and its duration can vary significantly. Understanding the factors that influence this timeline can help manage expectations.
Factors Influencing Response Time
Several elements can affect how quickly a seller responds to a home offer. The seller’s personal situation, such as their motivation for a quick transaction, often dictates their response time. Conversely, if a seller is not in a rush or is testing the market, their response might take longer. The efficiency and communication practices of both the seller’s and buyer’s real estate agents also play a role in the speed of information exchange.
Market conditions significantly impact response times. In a competitive seller’s market, sellers might receive multiple offers, potentially leading to a longer review process as they compare terms or solicit “highest and best” proposals. Conversely, in a slower market, a solid offer might elicit a faster response from a seller eager to secure a buyer. The complexity of the offer itself, including various contingencies like financing, inspections, or the sale of the buyer’s current home, can also extend the review period. Simple, clean offers, such as those with cash payments and few conditions, often receive quicker decisions.
Understanding Typical Timelines
Most offers on a home include an expiration date, which legally binds the offer for a specific period. This timeframe is commonly 24 to 48 hours, though some offers may extend up to 72 hours or longer. Even without a specified expiration, a response from the seller is generally anticipated within a few days. Highly motivated sellers or those in a less competitive market might respond very quickly, sometimes within hours, especially if the offer is straightforward.
Response times can extend when sellers are weighing multiple offers, which requires careful consideration and potential counter-offers to various parties. Delays can also occur due to seller unavailability, such as if they are traveling or dealing with personal matters. If the offer’s expiration date passes without communication, the offer is considered declined, and the buyer is free to pursue other properties.
Communication During the Waiting Period
During the time between offer submission and seller response, your real estate agent serves as the primary point of contact. They are responsible for relaying information between you and the seller’s agent, ensuring a smooth flow of updates. Your agent will keep you informed about the status of your offer, providing updates such as confirmation that the seller has received it, that it is under review, or if the seller requires more time for consideration. This consistent communication helps manage expectations.
A seller’s response is not always a simple acceptance or rejection; it can often be a counter-offer. A counter-offer indicates the seller is willing to proceed but on different terms, such as a revised price, altered closing date, or modified contingencies. This initiates a new round of negotiations, and your agent will guide you through evaluating these new terms and formulating a response. Maintaining open communication with your agent, without excessive contact, ensures you receive timely and relevant information as the process unfolds.
What to Do While You Wait
Patience is important after submitting an offer on a house. Constantly contacting your real estate agent for updates can be counterproductive, as they will inform you as soon as there is new information. During this waiting period, ensure your finances remain in order, confirming your pre-approval letter is current and that funds for a down payment and closing costs are readily accessible. This ensures you are ready to proceed quickly if your offer is accepted.
Avoid becoming overly attached to a particular property or making premature plans for moving. Maintaining a balanced perspective helps manage potential disappointment if the offer is not accepted or if negotiations do not proceed as hoped. Relying on your agent for guidance and updates is key, as they possess the experience to navigate this phase effectively. If your offer expires without a response, you are then free to explore other properties that meet your criteria.