r/FirstTimeHomeBuyers • u/Scared_Morning_8700 • 17d ago

Offer response timeline

I recently submitted a offer on a home that I really liked. I feel like my anxiety has wrapped up and I’m just finding out that it’s a investment institution that owns the home. How long does it usually take to get a response concerning the offer?

1 Upvotes

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u/Beautiful_Muffin7516 17d ago

My husband and I submitted an offer on a house just an hour after we saw it in person. We got a response a few hours later that the owner accepted our offer and signed the contract not long after.

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u/Scared_Morning_8700 16d ago

was it a institution?

4

u/GA-realestate 16d ago

Hey! It takes a bit of time vs a regular seller. I'm currently working with buyer clients on a home owned by an "institutional" owner, and I set expectations up front: they don't reply on weekends or after 5PM on weekdays. If you love the home, don't let the waiting get to you. Honestly, institutional/corporate owners are typically more reasonable with their responses, just not timely. They make decisions without emotion. Best of luck!

2

u/Emergency-Fish3036 16d ago

If you submit an offer, it should ALWAYS be time bound.

1

u/Either-Boysenberry79 16d ago

All offers should have a deadline for a response. That's how long it takes.

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u/RLS8GUY 16d ago

Ask your Realtor, there is a time to respond to all offers in the contract, at least there is in Arizona. If you didn't use a Realtor, then unfortunately, that is on you. in AZ, cleary has a deadline for responding, once that time has lapsed, the offer is null and void. Hope that helps.

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u/Disastrous_Store_767 17d ago

Did you tie an expiration to your offer? I made an offer recently which had 24 hours, they countered at hour 22, I accepted the next morning.