How Long Does Someone Have to Accept an Offer on a House?

Real estate transactions involve agreements between buyers and sellers, and understanding their timelines is paramount. A real estate offer represents a formal proposal from a potential buyer to purchase a property, outlining terms such as price, contingencies, and financing. Grasping these precise timeframes is crucial for both parties to navigate the home buying and selling process effectively, preventing misunderstandings and ensuring a smooth progression toward a potential sale.

Setting the Offer Timeline

An acceptance timeline is formally established within a real estate offer through written documentation. Offers to purchase real estate are almost universally presented in writing, typically on standardized forms. These documents invariably include a specific expiration date and time by which the offer must be formally accepted by the seller. This explicit deadline creates certainty for both the buyer and the seller, preventing the offer from remaining open indefinitely.

The inclusion of a precise date and time eliminates ambiguity regarding the offer’s validity. For instance, an offer might state it expires on “August 25, 2025, at 5:00 PM Eastern Time.” The buyer, through their real estate agent, typically dictates this initial timeline when drafting the offer, controlling the duration their offer remains active while awaiting the seller’s decision.

Understanding Offer Expiration

If an offer is not formally accepted by its stated deadline, it automatically expires and becomes void. Once expired, it holds no legal standing, and the seller cannot subsequently accept it to form a binding contract. Should the seller still wish to proceed after an offer has expired, a new offer would need to be submitted, typically by the buyer, reflecting the original or revised terms.

A buyer also retains the right to withdraw their offer before its expiration, provided the seller has not yet formally accepted it. For instance, if a buyer submits an offer but finds another property they prefer, they can revoke their initial offer. This withdrawal must be communicated to the seller before the seller communicates their acceptance. Once a seller has accepted an offer, the buyer’s ability to withdraw is generally limited.

The Counteroffer Process

When a seller receives an initial offer but does not wish to accept all of its terms, they can issue a counteroffer. This action effectively rejects the original offer while simultaneously proposing alternative terms, such as a different purchase price, modified closing date, or changes to contingencies. The original offer can no longer be accepted by the seller.

Each counteroffer creates a new proposal that requires acceptance by the other side. Similar to an initial offer, a counteroffer must also specify its own expiration timeframe. This process can involve multiple rounds of counteroffers, with each new iteration resetting the acceptance clock and establishing new terms for consideration.