Buyer Step 6 - Sellers review the contract
The seller has now received the contract and usually has about 24 hours to review the contract and to make a decision. There are a few things that can happen though:
- Another offer could come in. If this happens, then all parties are notified that we are in competing offers and we must submit our highest and best offer. Hey, it happens!
- Sellers could be out of state, and sometimes, this makes it hard to get an answer back right away. It may take longer than 24 hours.
- There are other issues too, it might be an estate or probate or a divorce or a foreclosure– and other kids of legal matters. Patience, patience!
In a typical transaction, the seller only has three ways to respond:
- Accept the offer
- Counter the offer
- Reject the offer
That’s it – just three ways. If it’s accepted then yippee! Let’s move to the next step. If it’s countered, then we must weigh out the counter offer and see if it still meets your needs. If it’s rejected, we can try again – but something in the offer must have made them upset to where they don’t want to counter offer.
However, when the response comes back, we will have a set amount of time to respond.