Does a Seller Have to Respond to My Offer in NYC: https://www.hauseit.com/does-a-seller-have-to-respond-to-my-offer-nyc/
Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
A seller has no legal obligation to respond to your offer in NYC real estate. Nor is there any rule for how quickly a seller must respond to a buyer's offer. For obvious reasons, it would only make sense for a seller to ignore your offer if it is unrealistic, lacking documentation, or if you’re not financially qualified.
It’s also possible that the lack of response from a seller means that there’s an accepted offer with another buyer or that the seller may have decided to delist her or his home and go off market.
How Long Does a Seller Have to Respond to an Offer in NYC?
A seller has no time constraint or deadline when it comes to responding to offers in NYC. The only thing that’s legally required is for listing agents to present all offers to sellers.
On average, most sellers will respond to offers in NYC within one or two days.
There are a number of reasons why it can take longer, such as:
? The listing is new-to-market, and the seller would like to hold another open house before responding to any offers.
? There may be an emerging bidding war, so the seller is waiting to receive a few more offers before calling for best and final offers to be submitted.
? The seller already has an accepted offer, and they’re waiting to see if the buyer signs the purchase contract before responding to any other offers including yours.
? The seller thinks your offer is too low, and they don’t plan on responding for a few weeks if at all.
What If a Seller Doesn't Respond to My Offer?
Here are some things to consider if you haven’t received a response to your offer:
? Is your offer price too low? What do the comps tell you about fair value for the property you submitted an offer on? Can you improve your offer price or put down more money?
? Did you submit a fully documented offer, consisting of your pre-approval letter, proof of funds and your real estate attorney contact information? Is your pre-approval or pre-qualification letter outdated?
? If you submitted an offer on a co-op, are you financially qualified for the building? What is your DTI (Debt to Income Ratio) and post-closing liquidity?
? Do you have any quirky contingencies, such as a sale contingency? Are you willing to remove the mortgage contingency to compete against all-cash and/or non-contingent offers?
? Does your offer include any unreasonable requests, such as a delayed closing date or demands for the seller to do some renovation work?
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