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Old 12-26-2013, 09:56 AM   #1
Bciris
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Typical Offer Response Time

I put an offer in for a resale contract last Friday and have not heard back yet. Is this typical? I realize this was Christmas week but I was actually expecting a response on Monday. What is the typical timeline for offer/acceptance? Is it acceptable to put out multiple offers if I'm only willing to go thru with one purchase?
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Old 12-26-2013, 10:16 AM   #2
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I personally would wait one full business day before I made a second offer. Considering you have already waited more than that, I would go ahead with another offer if you desire. It would be worth a call to fidelity to check.

You have no legal obligation until you have a signed contract and money in escrow.

I'm not saying to make ten different offers- while that is legally allowed, it would ethically be cruel to the sellers. But yeah, if you haven't heard back in six days, go right ahead with another option if Fidelity doesn't have an answer by telephone now.
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Old 12-26-2013, 10:49 AM   #3
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It depends on the seller not Fidelity as they are the ones that make the decision to accept or not.

Fidelity usually contacts the sellers immediately and then have to wait for a reply.
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Old 12-26-2013, 11:53 AM   #4
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Quote:
Originally Posted by Bciris View Post
I put an offer in for a resale contract last Friday and have not heard back yet. Is this typical? I realize this was Christmas week but I was actually expecting a response on Monday. What is the typical timeline for offer/acceptance? Is it acceptable to put out multiple offers if I'm only willing to go thru with one purchase?
I think week would be a bad time to expect to get a quick response from the owner. They may be out of town and out of touch with the company. I wouldn't expect to hear anything from any seller this week at all. Even the companies would have staff out on vacation and might even have their offices shut down for a few days.

I would pull the first offer before making a second. Nothing more annoying than a buyer who makes an offer, gets a positive response from the seller and backs out on the seller. You have just wasted their time as well. And pretty much made their contract unavailable to other buyers during that time.

I just think your timing for an offer isn't that good right now.
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Old 12-26-2013, 11:59 AM   #5
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I personally would wait one full business day before I made a second offer. Considering you have already waited more than that, I would go ahead with another offer if you desire. It would be worth a call to fidelity to check.

You have no legal obligation until you have a signed contract and money in escrow.

I'm not saying to make ten different offers- while that is legally allowed, it would ethically be cruel to the sellers. But yeah, if you haven't heard back in six days, go right ahead with another option if Fidelity doesn't have an answer by telephone now.
How do you know it was Fidelity???
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Old 12-26-2013, 12:19 PM   #6
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How do you know it was Fidelity???
oopsie, we may have just assumed that one.
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Old 12-26-2013, 12:29 PM   #7
Bciris
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oopsie, we may have just assumed that one.
It was a pretty good assumption....

I understand people are traveling and busy but the agent should at least respond to me that he's still waiting for a response when I sent the follow up email on Monday. Now days everyone has a cell phone and email also so I don't feel a response back within 6 days, even in the holiday season, is unreasonable. I have been in communications with other brokerages since Monday and they have been responsive.
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Old 12-26-2013, 01:14 PM   #8
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It was a pretty good assumption....

I understand people are traveling and busy but the agent should at least respond to me that he's still waiting for a response when I sent the follow up email on Monday. Now days everyone has a cell phone and email also so I don't feel a response back within 6 days, even in the holiday season, is unreasonable. I have been in communications with other brokerages since Monday and they have been responsive.
I had that happen once when the seller was in a foreign country and I simply moved on to another contract.

I was pleased with Fidelity and they really do want to move contracts.
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Old 12-27-2013, 09:09 AM   #9
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I started buying last week (making offers through brokers), made an offer yesterday morning and heard back that afternoon and that was the LONGEST time I had to wait - hasn't taken more than a few hours to get an answer from 2 different brokers (nothing accepted yet - but I've been getting answers).

Maybe you need to change brokers!
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Old 12-27-2013, 10:08 AM   #10
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We had motivated sellers, but we found out the next day that they countered at $60 (which we accepted). Our experience with Fidelity was wonderful and everything was quicker than they said it was going to be. They said it was going to be two weeks until we close, but we closed the day after the title company received our closing docs (and this was Christmas Eve).
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