Here's a topic that I'm sure crosses the minds of many home buyers when making an offer, but they don't always remember to clarify with their real estate agent.
This blog post was originally posted by fellow AR associate of mine, Richard Weisser. I hope you appreciate the shared information. If I can help you buy or sell a property in the Denver-Area, don't hesitate to call me at (303) 514-4000."
Buyers often want sellers to respond quickly to their offers. Many want to allow as little time as possible for a seller to accept their offer.
But in Georgia and in many other jurisdictions there is NO obligation for a seller to respond within the given time frame. As a matter of fact, there is no obligation incumbent upon the seller to respond at all!
If a seller does not respond, the offer simply expires. It no longer exists.
If a seller counteroffers, regardless of when, the original offer is extinguished and the counteroffer becomes the offer from seller to buyer. A counteroffer may incorporate some or most of the terms in the now extinguished offer or it may be a new agreement that does not reference the original instrument.
Either way a new expiration time for acceptance will either be indicated on the new offer or it may default to statutory limits. In any case, ANY offer may be withdrawn prior to acceptance.
So if a buyer insists on too short of an acceptance deadline, the result might be detrimental to the buyer if the buyer wants serious consideration of their offer.
Strategy needs to be tempered with practicality. If the terms of the offer are crafted with careful consideration, the seller will be more likely to accept!
And the offer deadline will be of much less importance!
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