how long does a seller have to accept or decline an offer on a house?
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How long does the seller have to accept or decline an offer? It depends, but it is typically around 48 to 72 hours after the offer has been submitted. A standard real estate purchase contract specifies how much time a seller is given to consider and act on an offer.
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So once you have a 'sold' sign on the board outside your house you still have a way to go before you will see any money. The sale process can take around 6 to 8 weeks and it's only on 'completion' of the sale that the seller will receive the buyer's money and the keys are handed over.
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No, a seller does not have to respond to an offer. To ignore an offer has the same result as refusing. Repeating the same offer is pointless. You are allowed only 3 offers on the same item, so if you want to offer more, make it your best offer.
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The buyer doesn't get the property until closing AND funding. The funds must be collected from the buyer and their mortgage company before possession is given to the buyer. This usually takes between 5 minutes and 2 hours after all documents are signed, depending on the title agent and the lender.
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The average time it takes to sell a house in Kentucky in 2020 is 73 days — 38 days to get an offer and an additional 35 days to close.
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On average you need from 6 to 12 weeks to search and find the right property, from 2 to 4 weeks to receive a mortgage offer, around 16 weeks for conveyancing including signing and exchanging contracts and then from 2 to 4 weeks to complete the sale, get the keys and move in to your lovely new home.
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Step 1 - Receive your mortgage offer Once we've received and approved your mortgage proof documents, we'll make a decision and inform you about your official mortgage offer within 2 weeks. You'll have two weeks to decide whether or not to go ahead and accept the binding offer.
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TIME FRAME: Takes about 3-5 business days to hear back. 2) They will give you a quote with a buyout price, valid for 30 days. My understanding is they don't do much consignment, but rather buy out. I honestly prefer that.
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You should only wait as long as YOU want to – because you should be putting a time limit on your offer. Your question should be "how long should the time limit be on my offer" – in which case I would say about 3 days. O.P.
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Just because a new-build property is new, it doesn't mean the asking price is non-negotiable. That's right, you can make an offer in the same way you would if you were buying an older property. Of course, it's up to the developer if they wish to accept a lower offer or politely decline it.
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Usually, the seller has about 72 hours to decide what to do with your offer, but the default amount can vary by state, or be determined by adjusting this deadline in the purchase agreement your buyer's agent may submit on your behalf.
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home in your area. Some agents have even stricter expectations when it comes to response time. “Common courtesy dictates that a seller should respond within 24 hours or less,” says Karen Parnes, broker and owner of NextHome Your Way. “This gives them the time to think about your offer, sleep on it, and respond.”
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The appraisal will then be attached to the property and usable for 120 days (4 months) per FHA guidelines. If you do not close with buyer A using an FHA loan, buyer B may close using the same appraisal for a period of 120 days assuming buyer B in doing an FHA loan.
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As a general rule, you might be expected to give the seller seven to ten days to vacate the house after the closing date. Sellers may want more time in the house, but they can compromise by securing a place to stay for a short term while they finalise their own purchase.
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This occurs between 7-28 days after exchanging contracts unless you're able to do both on the same day. The seller must move out before this date, otherwise, it'll cause further delays in the property chain.
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“There's no hard or fast answer, but typically if a buyer is getting a loan, the total under contract time is about 30 to 60 days," George explains. "If a buyer is paying cash, the closing can take place in as little as a week.”
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Buyers generally might be expected to give the sellers 7 to 10 days to vacate the home after the closing date. Sellers may want more time in the home, but they can compromise by securing a place to stay for the short-term while they finalize their own situation.