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Adding a Deadline to Your Real Estate Offer

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)

Filed Under: Blog, Home Buyer Tips, Home Seller Tips Tagged With: 22180, buyer agent, negotiating, real estate, Vienna Virginia

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  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'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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6723 Whittier Avenue McLean, VA 22101

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