Before a buyer buys a house, the buyer gives the seller a deadline before they withdraw their offer and try their offer elsewhere. This deadline is called the “time for acceptance “(which is usually 24-48 hours). During this period, the seller can choose to ignore or delay in accepting the offer.
Why Do Sellers Delay Accepting an Offer?
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Holding Out
Sellers can decide to hold out on selling a house if they feel they could get a better offer. Sometimes, a seller may still hold off on accepting an offer even when buyers offer full price. The seller could be delayed because they prefer an offer with shorter contingencies periods. When making an offer, the buyer must ensure that they make the best offer because the seller might choose to ignore or reject their offer completely when they get a better offer.
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Something’s Fishy
A seller may delay accepting an offer if they sense that something is wrong somewhere. It could be something insignificant like the buyer’s name on the offer not matching with the name on the pre-approval letter. Once a seller isn’t comfortable with the offer, they choose to delay in accepting such an offer.
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New Listing
A seller can choose to delay accepting an offer when they receive the offer the same day they put their house on the market for sale. They could be wondering if the list price is too small and if they should probably increase it. They might have the opinion that if they could receive an offer so fast, then they can receive a better one.
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Bank Owned
If a home is bank-owned, there’s a high chance that the buyer may not get a quick response. Sometimes, the bank may take weeks or days before they respond to an offer.
So, buying a bank-owned home means you must be ready to wait through all the bank’s paperwork and contracts. You must have to wait to go through the legal process even while waiting for the bank to accept your offer.
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Seller is MIA
Most sellers are rarely around when they list their homes for sale. They may decide to travel, take a vacation or visit their old folks in the countryside. This makes another reason sellers delay accepting an offer. They’re either too busy or they may not have access to the internet and technology where they are.
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