How long to leave an offer extended?

[penguins1]

We put in an offer on a BWV resale yesterday morning through a reputable DVC reseller. The contract is being sold through a second broker so perhaps that is slowing things down... my question is... how long should we leave our offer on the table? I don't want to just leave this hanging out there. I suppose I can leave it on the table until I see another comparable offering come out on the market...

Thoughts? What has everyone's experience been when it comes to a seller accepting / rejecting an offer?

Thanks!

 

[Sandisw]

Did you submit your offer in writing or are you still waiting on a verbal committment?

From what I understand (I am in the process of selling my contract) that the buyer and the seller have one week from the date of the verbal committment to sign the paperwork or the deal is null and void--at least that is the way it is with the broker I am working with. And, during that 7 days, buyer and seller, for any reason, can make a choice not to follow through with the deal.

So, if the contract really "fits" you, then I wouldn't do anything. But I would continue to look at other contracts and if you find one just as good, then make an offer and tell the original seller you have changed your mind.

Good luck!!!

 

[bookwormde]

I limited the initial offer to 3 days, plenty of time for an answer if the seller is serious.

bookwormde

 

[penguins1]

Thanks for the replies. We are over two days now with no response. The selling brokers has apparently made multiple calls and sent multiple emails with no response. I have told them my offer is only good until Friday.

If this doesn't work, back to checking the daily new listings!!!

 

[penguins1]

Our offer was rejected today... at least we know to keep a close eye on the daily new listings!

I wish it wouldn't have taken 5 days to respond!

Oh well!

 

[5forDiz]

Our offer was rejected today... at least we know to keep a close eye on the daily new listings!

I wish it wouldn't have taken 5 days to respond!

Oh well!

For future offers tell broker that you want a reply from seller in 48 hours or 72hrs or the amount of time is that you are willing to accept or you will withdraw your offer. Perhaps that will cut down the waiting time.

 

[The Red Head]

I agree, don't give them that much time. If they are interested in selling it to you they will get back to you in a timely manner. We just got an offer on a contract we are selling (granted it was a full offer), but we faxed back our paperwork the same day they sent it to us.

 

[nickspace]

I sent out two offers and my broker didn't get back to me in any way for roughly 5 days. I should have received some communication. Therefore I pulled my offers and decided to go with another broker (Jaki). Jaki's communications with me have been great and thus far I am very happy. I will be really happy if the rofr goes through.

 

[Buckeye Fan]

I've purchased contracts of all different sizes (100, 120, 150 and 270). On the 120, 150 and 270, I heard back on the verbal offer same day, and everything proceeded without a hitch.

The smaller ones, or at least my experience, have been more of a hassle. It took a little longer to hear back, but no more than 2 days. In fact, I kept looking. For me, there wasn't a "perfect" contract, so if ideally I wanted a 100 point contract, I was willing to buy anywhere between 75 - 120. I didn't wait around. In fact, we just pulled away from a VB contract because the sellers hadn't returned their paperwork after 10 days.

The other thing that I think is key is the emotional aspect of purchasing. This is my 4th contract, so if it doesn't work out, it doesn't work out. I absolutely would not have felt that way with my first contract. I would have been heartbroken.

My advice...trust your broker. Tell your broker up front before making an offer that you just don't want to fool with unsure sellers, and you'd rather just move on to the next contract. Brokers, many times, have access to contracts not listed on their sites, so tell them exactly what you're looking for, and chances are they may be able to find it. As for the offer at hand, keep looking and see what happens. Per the PP, if you find something you like better, go for it, and withdraw your current offer.

Wishing you lots of luck, and a quick ROFR process! I hear that it's taking about 30 days right now.