Getting an offer on your home can be exciting and overwhelming, particularly since you have to make some important decisions in a short period of time. A buyer's sales contract, known as a "residential purchase agreement," usually includes a date by which you must respond to the offer. If the contract doesn't contain a deadline, ask your real estate agent for guidance. If you are selling your home in a short sale, keep in touch with your real estate agent; she can monitor the lender's progress in approving the offer.
Check the Offer
Buyers' offers often contain a contingency that you must respond with an acceptance or counteroffer within a specific time frame. The time frame varies, but is often around two or three days.
Short Sale Considerations
If you are selling your home in a short sale, your lender must approve the offer. Mortgage lenders may spend a significant amount of time reviewing your paperwork to make sure that it is complete and accurate. This can result in a long wait time between receiving the offer and your lender's approval. To keep waiting time to a minimum, work with a real estate agent who has experience with short sales.
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