Santa Fe Real Estate offer timelines.
Easily the most misunderstood element in buying a home is the lifespan of the offer you submit, and when it can be countered. When you make the offer, let’s say 90% of the list price and valid for 48 hours — that doesn’t mean that the seller has to respond within that time frame. What it means is that if the seller signs the offer and it is delivered back to your broker/agent within the 48 hours you have a binding contract. At the point in time the seller counters the offer, either before or after the 48 hours, there is another valid offer on the table. And similarly, if you wanted to counter the counter, there is no time frame – you start a new time frame when you make your counter– and on and on. Now having said that, everyone in the transaction can benefit from timely responses to move towards a satisfactory negotiated price – and the above time frame is often imposed on buyers and sellers to keep things moving along. Remember – time is not your friend in a real estate transaction!
