You may hear some interesting theories out there about when a seller must respond to a buyer’s offer. Some people think that a seller must reply to offers in the order they are received. The idea is that the seller would have to consider and reply to the first offer received before looking at subsequent offers. The problem with that description is that it isn’t true. Other people think there’s a 24-hour time limit by which the seller must respond and the clock starts ticking when the seller receives the offer. Again, this is false.

The seller, when presented with multiple offers, can look at all offers and decide which he wants to respond to first. Furthermore, the seller is under no obligation to reply at all to any offer.

What does this mean to you? You may want to put your own time constraints on the seller’s reply to your offer. For example, you might give the seller a deadline by which if you haven’t heard back the offer is rescinded. Or, if you don’t stipulate a deadline in your offer and have heard nothing back within a reasonable time period, you may want to give written notice that you are withdrawing your offer.

Contact us if you have questions about the timing of offers and replies, and discuss what strategies you can use so you’re not playing an unnecessary waiting game.

Source: Texas Association of Realtors®