Check the contract for your state
For example, the standard California residential purchase agreement states that the offer “shall be deemed revoked and the deposit, if any, shall be returned to Buyer” if the seller fails to accept the offer by 5 p.m. on the third day after the buyer signed the offer.
Do sellers usually wait to accept offers?
In theory, sellers can take as long as they want before responding to an offer, but most listing agents get back to buyers within a few days. For the most part, 24 to 48 hours seems to be the standard observed by most sellers and their agents, but there are some exceptions.
When should you accept a lower offer on a house?
- 1) Your Days on Market (DOM) Has Become Too High.
- 2) Your Asking Price Is Way Too High.
- 3) Your House Needs Repairs.
- 4) The Buyer Offers Other Incentives.
- 5) You Are in a Buyer's Market.
Is a seller obligated to accept a full price offer?
Do sellers usually accept first offer?
Most sellers hope to have multiple offers, but sometimes it's best to take the first offer you receive. May 22, 2023, at 2:19 p.m.
Should you keep your closing documents forever?
Keep your personal copy of your deed, promissory note and Closing Disclosure for as long as you have your loan. You should also hang onto your inspection report and seller disclosures as long as you own your home. However, you can throw away your home warranty policy when it expires.