You may expect a seller to return an answer to you within a reasonable period after submitting your offer. However, while this is not an irrational expectation, you may find your hopes quickly dashed. Ideally, the seller will immediately give you an answer, even if it is one you do not like. That way, you can proceed to your next step, whatever that might entail. Nonetheless, there are two ways to look at the situation, legally and from a practical business perspective.
The lawThe law
In New York City, the upshot is that the seller does not have to respond to you within a prescribed time. Although many sellers agonize over the process and are fraught with challenges, they can only do one of three things in response to your offer. The seller can accept your offer, provide a counteroffer, or reject your offer outright. However, if they are turning down your offer, the seller can respond that they are not considering your offer or merely not providing you with an answer. This non-response is a rejection, but it leaves you on tenterhooks.
While the seller does not have a time limit to respond to you, this is not the best way to do business. Admittedly, the seller may have a valid reason for doing so. The seller could use your offer to gain leverage with competing bids or as a backup if another offer falls through. In addition, it could happen if the seller does not like your offer, which may occur for various reasons. These include deeming it as too low. Alternatively, the seller may not believe you can pass the board’s muster, or your closing timeline may not work with their schedule.
Practically speakingPractically speaking
Typically, most sellers will respond to you within a business day or two. Since real estate agents work weekends, you may not even have to wait that long. But, the seller may wish to take some time to mull over your offer. In any case, waiting a day or two for a response is reasonable. If you receive a counteroffer, you can assume you are at least in the ballpark, and it is a positive sign that they are doing business the right way.
It is game over if the sellers choose not to counter your offer.
A buyer’s optionsA buyer’s options
You can stipulate that you need a response within a certain prescribed period. Otherwise, the offer is invalid. If you do not hear back, you should consider this non-response to mean that the seller is not interested in pursuing your offer.
Your exclusive buyer’s agent is your conduit into the seller’s world. That does not mean they will have more luck getting the seller to respond. However, you do not have to wait to hear back. Before a signed contract, you can merely let the sellers know that you are withdrawing your offer and moving on. In New York, you are entirely free to walk away at this point.
