How Long After Making an Offer on a House Do You Hear Back? - YouTube

You're thinking about making an offer on a home that you love

but how long will it take to hear back whether your offer has been accepted?

That's what we're talking about today, so let's go!

Hi everyone, welcome back to my channel. I'm Bryn Cook

and I'm a real estate agent here in Eugene, Oregon.

If this is your first time to my channel welcome. I'd like to start out on a side

note with this video. I typically create content that not only

gives tips on real estate, but also highlights the different areas

of Eugene. I love taking videos and photos to share

about our beautiful area. But right now as I record this in

September of 2020, Oregon and the entire west coast are

being hit by devastating forest fires. It's been

over a week now where people are losing their homes and lives to the

fires here. And even if you're avoiding the fires and

aren't having to evacuate, then the air quality is at a hazardous level, which

requires us to stay inside. All that to say, please keep Oregon in

your thoughts and keep your fingers crossed that we

get some rain soon. In the meantime, I will be focusing on

the real estate side of things while we wait for the air to clear up.

If you have any requests or you'd like for me to cover

a specific topic, please let me know in the comments down below.

So let's get started. Today I'm covering a question that I'm asked a lot when

preparing offers for my clients, which is how long will it take to hear

back about our offer? Well, as with so many answers to

questions in real estate... really it all depends. First, let's do a

quick overview of what the seller needs to

consider before they respond. Here's how it works. When you (as the

buyer) decide to make an offer, you're setting a lot of the parameters

for the deal. What's the price that you're offering to

pay for the home and how will you be paying or financing the deal?

Are you asking for the seller to contribute towards closing costs?

What's the time frame and types of inspections that you plan on conducting?

What type of earnest money deposit will you be making? Are you asking for any

personal property with the sale? How quickly can you close and what's the

closing date? At the end of the purchase offer you'll

be asked to set a day and time for when your offer will expire. Now

that date and time is much more of a request than a

deadline for the seller. What that expiration really does is it

gives you (as the buyer) the freedom to look at, and potentially

make an offer on, another home should the seller not respond by that

requested time. In reality the seller can respond

whenever they're ready to. During a seller's market, which is what

we're in right now, more often than not the seller will be

reviewing multiple offers. There are also many things that can

affect their decision-making ability. What's most important to them? Is it all

about the money? Are there potential property issues with

that could make the type of financing

more of a consideration? Do they have sentimental attachment to the home that

they're selling and want to take their time in choosing

just the right buyer? Is their real estate agent presenting

the offers in a timely fashion? As a buyer, having empathy for the seller's

situation and what they're dealing with can go a

long way in how your offer is presented and received. The agent that you work

with should be asking the right questions when submitting the offer in

order to help guide you in setting the right expiration time

frame for your offer and for you to have realistic

expectations for the seller's response time.

Setting the expiration time too far out can open your offer up to having to

compete with other offers that are submitted later.

Not giving them enough time to really consider your offer

can be off-putting to the seller and frustrate them by making them feel

too much pressure to decide. I usually see an offer expiration time frame of

about 24 to 48 hours from when the offer is

presented to the seller's agent. I've seen

responses come back as quickly as a couple of

hours and I've seen them take as long as a week.

The seller has the option to respond after the expiration time of the offer

but they run the risk of losing the deal because the buyer has moved on to the

next place. As with anything, communication is key.

The buyer and their real estate agent need to be in close communication during this

part of the process. And the agent needs to be following up with the listing agent to see how things are progressing and where the seller's head is at.

It's not easy but the biggest thing to keep in mind is patience is key. If you like this video don't forget to watch the other videos in my playlist

about the real estate process in general. I'd love to hear from you.

You can call, email, or leave a comment down below.

i work hard to stay connected. Don't forget to subscribe

to my channel and join me for my next video. Thanks so much for watching