When a buyer makes an offer, they expect the seller to respond within a reasonable time period. Most realtors encourage their sellers to respond to an offer within 24 hours when a seller receives a legitimate offer in writing. The seller can accept the offer, reject it, make a counter offer or do nothing. While the seller is not legally bound to respond. If a seller doesn’t respond in a timely fashion, the buyer might become irritated and lose interest in the property.
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Most real estate contracts contain an expiration date, if the seller doesn’t respond by the specified date the agreement becomes null and void, unless the buyer agrees to reopen negotiations. As seller your response time might differ depending on market conditions. Responding quickly makes sense in a down market. Whereas responding slower in a thriving market could give the seller more time to receive multiple offers.
A good practice for both buyers and sellers is to respond to any offer or counter quickly, and decisively unless circumstances warrant otherwise.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.