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11/21/11

Amount of Time for Seller to Review Offer

Q - How much time should I, the buyer, give the seller to review my offer? 

A - If it is a single family residential home, it depends on how quickly the market is moving and how accessible the seller might be.

If the market is moving very quickly and the property has many showings in a very brief time, a short review period is appropriate and desireable so that there is less chance of a second offer coming into play.  If the seller is easily accessible, 2-3 hours is ample.  Sometimes even less time is given in a highly active market. Such a process works for the benefit of the buyer.

In such a situation, if you were to provide the seller with a day or two, the chances are that another offer or two might be presented.  This would certainly benefit the seller but not the buyer with the first offer.  A multiple offer situation always favors the seller and can result in an offer above the asking price.

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