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Does Your Real Estate Offer have a Deadline?

December 5, 2009 By Doug Francis

Lynchburg, Virginia

Image by DougFrancis via Flickr

If you are submitting a written real estate offer to buy a home then you want the sellers to respond in a reasonable time-frame, right? So, is there a set deadline for them to respond to your offer?

Well here is the truth: Unless you put in a deadline in your offer, then your offer is out there until it is accepted, countered or withdrawn by you. In practice, real estate agents are trained to encourage their clients to respond as quickly as possible, and communicate that fact back to the other party.

But as much as an agent can encourage his or her client to respond quickly, it is the client’s initials or signatures that are required to keep the ball rolling. A slow response from either party can be the first sign the contract isn’t going to work out.

Clear communication is essential when negotiating real estate

Just last week there was an offer on a listing of mine in Vienna, Virginia. As luck would have it, my client had boarded a plane that morning for the 20-hour flight to South Korea while his wife was in California. I communicated this fact to the buyer’s agent because his client had added a hard deadline for a response, and I did not want to miss the opportunity to get the house sold since there was a reasonable explanation for a delayed response.

Making an offer to buy a home is done “in good faith” or with honest intention. I have found that this trust is a fragile especially when one party does not respond within 24 to 36 hours. “Are they jerking me around?” or “are they using my offer to get more money?” or “what is this BS?” are a common question I hear from home buyer clients when we have not heard back from a seller.

People drag their feet for many reasons. I prefer to get to the bottom of things quickly when there is a deafening silence, and then communicate any explanations to my clients. If someone is at 39,000 feet and landing in a foreign country then they really are slightly out of touch, or if they work in a “secure building” like we have in Northern Virginia then they may need to get home before they can respond. And there are variables like a divorce, an estate attorney, a sudden illness, a builder, a bank officer, a snow storm, or a brother who lives in Canada and doesn’t want to sell Dad’s old house!

And I have seen seller clients lose the best offer the ever received because they dragged their feet. Yes, a buyer last summer said “forget it” to one of my seller clients who did not have the same sense of urgency that the buyer had to get a deal together. In his opinion, my client was not acting “in good faith” and he moved on. And when it happened, my client apologized for dropping the ball after not heading my warnings that they buyer was about to walk.

Including a deadline for either party to respond to an offer or counter-offer needs to be discussed. In my opinion deadlines that are “6:00 p.m. tomorrow” sound intimidating and set up ill will, but if it is “6:00 p.m.” two days from now is reasonable. If the deadline needs extending because of a reasonable “variable”, then you can build good will which may come in handy later on if you have an issue.

My client who was on a business trip was able to respond in time thanks to some cutting edge technology that I use for digital signatures from DocuSign. So, add a deadline if you feel it is necessary but remember that you can always withdraw a real estate offer anytime before it is accepted.

I often write about experiences that clients have had recently that you may find useful, read more in my Home Buyer Tips section.

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

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 was profiled in a 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.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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