Friday, March 15, 2019 / by Natalya Romanov
It all depends on the current real estate market. When it is a seller's market, meaning the inventory is low and there is a lot of buyers, sellers should wait at least 2-3 days before accepting an offer to get the most offers in and a chance for all buyers to tour the home and submit an offer. If you plan to do that make sure your Realtor notes this in the MLS listing, that all offers will be reviewed on a certain day. This is called a multiple offer situation. You will then have time to review each offer and make a decision which offer fits your needs. Also, it is crucial to be mindful of the expiration date of each offer. Most buyers agents give sellers at least 2 days to review an offer and that is usually enough time to make a decision. If you don’t respond by the offer expiration date that offer is voidable, if the buyer chooses not to proceed. If you like the offer but there are a few things that you don't agree on, as a seller you can always counter the offer and it will restart the offer expiration clock.
On the other hand when it is a buyers market, where the inventory is in abundance and the number of buyers is low then you need to make a decision quicker, as buyers will have more choices and will not give much time to the seller to accept their offer. Even in a buyers market if you need a certain amount of days to make a decision, have your Realtor specify in the notes of the MLS listing as to the timeframe of the offers review period.
Most importantly always be cautious of offer expiration dates, to ensure that you don't miss any opportunities. Always review all written offers to know that you are making the right decision. Ask your Realtor to prepare all the pros and cons of each offer.