Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
What happens when the time period expires on an offer
We submitted an offer on a house last night at 7. We stated in our offer that we had to hear back by 8am Sat. So basically first thing in the morning. If we don't hear at 8am, what happens? Do we resubmit our offer, or does it basically mean the seller's aren't interested and we should walk away. FWIW we offered pretty close to asking.
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Re: What happens when the time period expires on an offer
Your realtor should be talking with the seller's realtor. We made an offer on April 1st to expire on the night of April 2nd, but because of the seller's crazy work schedule (she was a nurse-- head nurse, actually in another state), they had to extend it another day or two so that they could actually review the offer together.
So I guess I am saying that if they don't respond by tomorrow at 8am, you really should ask your realtor to ask them what's up.
That's a pretty tight deadline you gave. My realtor frowned upon giving deadlines so soon, she suggested 4 day deadlines when we put in offers. If you don't hear back tomorrow morning, have your realtor contact seller's agent to see if other offers have been submitted and if seller was already informed of your offer. The seller's agent will either counter-offer if seller wants full asking price or accept. They can deny if they received higher offer already or they can ask you for 'best offer' which is when I'd suggest giving full price or higher (depending on how much you liked house and if you think it's worth it) this is in case of others also interested/bidding.
That's an extremely tight deadline and technically your offer has expired. If another offer comes in, you could be out of luck. 24 hours to respond should be the minimum or at least give the buyers waking hours to respond. You asked them to respond while sleeping, basically. Ask your agent to revise the offer and extend the deadline so you still have a standing offer. Don't let a house slip away because you offer has expired. Chances are, you may have angered the sellers by giving them overnight to think about it. Unless you are an All Cash Offer, and prepared to move on to the next house, you should give them a minute to consider your offer and go over numbers with their agent.
Jackie-Realtor
I think you're confused. We submitted our offer Thursday at 8 and asked them to respond by Sat at Noon. Thats more than 24 hours. In any event it doesn't matter because they countered a few hours after the offer expired and I'm heading into my home inspection on Friday.