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Adding a Deadline to Your Real Estate Offer

March 2, 2011 By Doug Francis

Me In Time

Image by Vincent van der Pas via Flickr

If you are planning to make an offer on real estate then remember that real estate offers must be in writing to be enforceable. Period!

Although the real estate sales contract process is different around the U.S., having the terms on paper is the essential first step. The contact price, financing terms, closing date, and contingencies build a framework to achieve the common objective of selling the home.

One addition should be a deadline for the seller to respond to the buyer’s initial offer. In Northern Virginia, the Regional Sales Contract does not have boilerplate language that requires either party to respond during the offer/counter-offer process. The contingencies have time frames, but until the contract is “ratified” neither party feels the pressure of the clock.

Yes, a deadline for your real estate offer is important

Deciding on a deadline will depend on your local real estate market. For example, right now the Vienna, VA real estate market for detached homes is “hot” (March 2011) with home buyers competing for homes. This is because of a supply shortage in the 4 bedroom, 2 bath, 2 car garage category. Yes, we are looking at a “seller’s market” where home sellers have a certain amout of control over the negotiation process.

“Submit Final & Best Offers by 9 PM on Tuesday”

In contrast to my local market, there are real estate markets in Florida where there is an ample supply of attractive homes for sale. This is a classic “buyer’s market” where a well qualified home buyer can call the shots.

In my opinion, common sense requires that any offer should be responded to in a “reasonable” time frame… but that depends on the local absorption rate. If new listing are getting offers the first weekend then getting a response may be withing 72 hours. But this scenario may give the seller an impression he can “shop the offer” to try and milk it for a better one, a real gamble because most buyers hate bidding wars and may pull their offer if they feel exploited. If you feel this case, modify your offer with a firm deadline, like Thursday March 3, 2011 @ 5:00 p.m.

What is the absorption rate in your local real estate market?

In my experience, offer deadlines don’t work for short-sales or foreclosures. Hey, you are dealing with a bank… I think that explains it well enough.

If you don’t put in a deadline and there has been no response from the seller, then ask to get acknowledgment that your offer has been presented to the seller. With so many people traveling these days, you may find out that the seller is on a cruise ship in the South Pacific, or dealing with an ailing spouse or is trying to reach his brother (the joint owner) who lives in Montana. There are many “reasonable” scenarios and you will have to judge the validity of each.

So, consider putting in a deadline depending on your current real estate market or background information that your agent has discovered. You can always adjust dates in an offer, withdraw an offer, or know that once the offer deadline expires you can pursue another property.

Related articles
  • Will Your Real Estate Offer Make the Cut? (dougfrancis.com)
  • Sweating the Appraisal Contingency? (dougfrancis.com)
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Filed Under: Blog, Home Buyer Tips, Home Seller Tips Tagged With: 22180, buyer agent, negotiating, real estate, Vienna Virginia

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he "starred" in a tech commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Being able to guide my clients through many real estate sales, either moving out, moving in, or just across town, has been a rewarding experience that helps when discussing a plan with a future client.

Being able to help them focus and understand our proven sales plan always eases their anxiety of this looming personal task. And, putting it into bite-sized steps always helps them get where they really want to be.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the town tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing ~ and my marketing starts here. My elite clientele has been attracted to my results-oriented strategy for years, and I am accepting new clients now.

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