Normal offer/acceptance timelines?

[twinsouvenirs]

Offer timeline. How long is 'normal' for sellers to respond to an offer? I am totally being impatient but I see another shiny listing for another property that looks pretty good too, and is loaded...

Have you ever pulled an offer after waiting 'too long'? If so, how long was too long?

 

[disneynutz]

Contact your broker and ask for specifics about the seller.

Bill

 

[ELMC]

Offer timeline. How long is 'normal' for sellers to respond to an offer? I am totally being impatient but I see another shiny listing for another property that looks pretty good too, and is loaded...

Have you ever pulled an offer after waiting 'too long'? If so, how long was too long?

Depending on which broker you are working with, if you got outbid you might not hear back at all. I would follow up regarding your bid and then feel free to make another if you receive confirmation that it didn't work out (or if the sellers didn't respond).

 

[CarolMN]

In the future, consider putting a time limit on your offer - for example, something like "offer is good until 5 pm on xx/xx/xx". That might help if you want to keep looking or find something more attractive after you've submitted your offer.

 

[rackle]

I pulled an offer after a couple days. We decided we needed more points though to go to HHI every other year. I don't know how long is too long, if you're not in a hurry and don't see a better 'deal', I would just let it be and see what happens. They might just be trying to crunch some numbers and come up with an acceptable counter offer.

 

[twinsouvenirs]

I called and they indicated that we are currently the high bid.... thoughts?

 

[Minniesgal]

If you offered less than full asking you can pull it if you want to.

 

[NoleFan]

I would ask for details of if it was presented to seller & when they expect to hear back from seller. Does the broker have a history of having good, timely communication? Is it a "hard to find" contract? If it has been 24 hours, I would consider making an offer on something else? That's my personal preference not any sort of industry standard. Good luck!

 

[twinsouvenirs]

They want full list--and it's a stripped contract with a high per point price, so we're walking away... I suppose that wait wasn't terrible

 

[Msmithmd]

Agree with others. Call broker back and make offer good until 5pm tomorrow. There is no "high bidder" process; this isn't ebay. They either accept, reject outright, or counter.

Then you have the option to come up to their full ask price, re-counter, or look elsewhere. Time limit it, to make them commit.

 

[Msmithmd]

Hah we were both typing at the same time...good luck...

 

[twinsouvenirs]

Thanks Now on to the next offer!!! What fun

 

[TIMLEO007]

I beg to differ......I have used all 3 of the biggies and find out they will tell you if there are higher offers already or not. It isnt as "clean" as you think it is.
I have had offers not even submitted by the agent because they said there were higher offers in place already too.

Agree with others. Call broker back and make offer good until 5pm tomorrow. There is no "high bidder" process; this isn't ebay. They either accept, reject outright, or counter.

Then you have the option to come up to their full ask price, re-counter, or look elsewhere. Time limit it, to make them commit.

 

[twinsouvenirs]

I beg to differ......I have used all 3 of the biggies and find out they will tell you if there are higher offers already or not. It isnt as "clean" as you think it is.
I have had offers not even submitted by the agent because they said there were higher offers in place already too.

So far this has been my experience too. Although parts may be frustrating it is a lot like an auction with no set end

 

[Msmithmd]

I beg to differ......I have used all 3 of the biggies and find out they will tell you if there are higher offers already or not. It isnt as "clean" as you think it is.
I have had offers not even submitted by the agent because they said there were higher offers in place already too.

I see your point. I guess that's the difference between now and a year and a half ago- then one offer was all many contracts could get.

Speaking personally I wouldn't get into a bidding war- this isn't like a house where there is "one" of the asset in question. Another contract is going to come along- if you don't have urgency with time. But wow, what a difference there is in the 2013 market versus 2012.

Still, with Disney's last price increase, there's a lot of money to be saved in the resale market- even if you do end up paying full resale asking price...

 

[twinsouvenirs]

Very good point!

 

[lovin'fl]

I have bought 5 contacts, went to ROFR on 6 (one got cancelled by sellers 8 days into ROFR) and never was it a bid type situation. It was always like this: they accepted, rejected or countered my offer...we had one reject and we came back with a counter and then they countered that and we accepted (my last contract). Never has our offer been held to see what other 'bids' are made. I make offer and give them about 24 hours to respond and if they don't I contact the broker and inquire what their response is...most of our offers were responded to w/in that 24 hours or soon after (when I contact broker)...my last one took a bit longer to respond that they rejected it...we did offer on the 1st day it was listed. After they rejected, we immediately countered and they took another 24 hours to respond with another counter which we accepted.

 

[Moniqu17]

Actually on our first offer, the seller countered, we countered back (a couple dollars lower) and while waiting for a reply I guess someone else swooped in and took it! I was a bit upset thinking it was like a typical real estate transaction where if you are in the middle of countering they won't look at other offers. I actually called TSS and asked them if the seller accepted our offer because the website actually listed it as pending. The broker said they were still waiting for a response. A day later I called again and they said oh yeah sorry someone else came in with a higher offer. Ugh I didn't know that could happen! Anyhow, I moved on and we decided to go with BLT instead of AKV and are now just waiting for the deed to show up along with our member ID etc. It would be nice if they actually told you that if someone comes in at a higher offer during negotiations that they will submit to the seller!

 

[Joey7295]

I have gotten into a few bidding wars. The broker would tell me there is a higher offer than mine, so I would raise my offer. The other potential buyers raised their offers and we went back and forth. It was annoying and I let myself get carried away a time or two. I had to step back and just say to myself "what am I doing?"

 

[lovin'fl]

I have gotten into a few bidding wars. The broker would tell me there is a higher offer than mine, so I would raise my offer. The other potential buyers raised their offers and we went back and forth. It was annoying and I let myself get carried away a time or two. I had to step back and just say to myself "what am I doing?"

Sounds like Storage Wars or Property Wars...where they will overepay just because they don't want 'that guy' to win. Too funny! I can see ow that might happen, especially now with low inventory and high demand. I have been lucky that we have been in the market for HH points the past 2 years and I don't think that's as high in demand as WDW resorts (we also bought AKV this year...wasn't planning on it, but it fit what we needed and the offer was accepted right away).