How Long Do I Have to Accept an Offer on a House?
For most sellers, there are several details to consider when they receive an offer on their home. Before making their final decision to reject, counter or accept an offer, however, sellers should know how much time they have to respond.
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Documentation
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In most states, prospective buyers must put their offer in writing in order for it to be considered legally binding. The written offer should contain details about the number of days or hours that their offer will remain open.
Time Frame
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Although prospective buyers are free to choose the period of time for which their offer may be accepted or negotiated, it is typical for most sellers to have between 24 to 48 hours to accept, counter or reject any offer they receive on their home. Both parties should be aware that the day and time that the seller is presented with the offer marks the beginning of the negotiation or acceptance period.
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Considerations
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In some states, there are certain limitations to the offer and acceptance time frame stipulated in the written offer. In Texas, for example, prospective buyers may withdraw their offer before it is officially accepted regardless of the time frame provided in the written offer. An offer is not officially accepted until the buyer is made aware (in writing or orally) of its acceptance by their agent or the seller.
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References
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