Thread: Question for Realtors:

I recommend 3 days for all the three types of sale.
It also depends on how much you like to get that house

Thank you for your reply and the recommendations, TeamAguilar! ...And if I really like to get the house - how long? Also, do you know how common in the industry to offer 2 weeks to reply (what are pros and cons)?

If you put in a 2 week deadline then don't expect a response from the seller until the 2 weeks are up.

If you put in a 3 day deadline and the seller is out of town then when they get back your offer is already dead.

When you are trying to negotiate the best deal you can get then any unnecessary pressure you apply to the seller will work against you. Asking for a low price and demanding a fast response is not the best strategy. What if the seller is thinking about accepting your offer but they need some time to swallow the lost income. Wouldn't it be better to give them the time to get used to your price and maybe talk to family members and/or their accountant without having to make this decision on your time frame?

With a short deadline in place you are forcing them to make a decision they have not become comfortable with yet. The easiest and fastest answer to any unpleasant situation will always be NO. This is not the answer you are looking for.

Plus, deadlines create an adversarial environment which is not the best way to negotiate.

If you think the seller is stalling your offer in order to shop it around then you can always withdraw your offer with just a phone call to your buyer agent or just have your agent imply this withdrawal.

Unless you are under some very tight time restraint to make this purchase, give the seller the time needed to see things your way.

For my suggestion Only 2 days to get the Reply fro Short sale and REO

Greg's right again, when dealing with private sellers. However, in my opinion, banks (that agreed to the Short Sale), don't give a damn about you or your offer. If they even look at your offer by September 15th, you'll be lucky. Why? Because the longer it's on the market, it increases the banks chance of receiving more offers that don't have an unreasonable deadline and thereby increases their chances of getting a better offer than yours.

The banks have always and will always anticipate low ball offers in the beginning and hold out for as long as it takes, till they get that close to asking, cash offer. Cash is king.

Good luck.

Definitely all depends on your own timeline...as mentioned above, 3 days is a pretty good guideline for days to respond by

Originally Posted by Chrisopher Moltisanti

Greg's right again, when dealing with private sellers. However, in my opinion, banks (that agreed to the Short Sale), don't give a damn about you or your offer. If they even look at your offer by September 15th, you'll be lucky. Why? Because the longer it's on the market, it increases the banks chance of receiving more offers that don't have an unreasonable deadline and thereby increases their chances of getting a better offer than yours.

The banks have always and will always anticipate low ball offers in the beginning and hold out for as long as it takes, till they get that close to asking, cash offer. Cash is king.

Good luck.

Which is the best reason to avoid short sales, if at all possible.

Damn straight! Unless the agent has the luxury of referring them out to a 3rd party. That way the agent may get a little money.