How long do I make offer good for? - Posted by lisa

import · March 28, 2000, 9:19am

Posted by lisa on March 28, 2000 at 12:46:09:

Thanks for your response. I’m working directly with a seller that responded to my direct mail. I originally walked away from this deal after I looked at the property – I told him that the numbers didn’t add up for me as an investor and that I wasn’t able to make him an offer. He then called me five days later and asked me for an offer anyway. This house is not yet listed through a broker. I’d like to give 24 or 48 hours. What do you think?

import · March 28, 2000, 9:19am

Posted by lisa on March 28, 2000 at 10:19:25:

I am sending an offer on a house today – the owner should get it in the mail tomorrow. How long do I make it good for? What’s appropriate? 24 hours? 48 hours?

Lisa

import · March 28, 2000, 10:18pm

Re: How long do I make offer good for? - Posted by T Jent

Posted by T Jent on March 28, 2000 at 23:18:02:

I think generally 48 hours or slightly less is good. You just want to give enough time for them to make a decision, but not to shop your offer around (look for people who will beat the offer).

import · March 28, 2000, 11:11am

Depends - Posted by Darin

Posted by Darin on March 28, 2000 at 12:11:30:

I usually tighten up offers as tight as I can get them. Depends on the situation, are all decision makers present? Is there a realtor involved?

If I am making an offer directly to the owner and it is in the morning, I set the deadline for 5:00 that night. If the offer has to go through channels (attorneys, realtors, realitives,…) I always ask when the soonest I can get an answer and then put a time in the offer.

I always use time limits on my offers. Half the time they are broken, but it does put time is of the essence issue into the sellers and helps from people dragging there feet.