Patience is part of the real estate game. People need to take the time to make sure they found the right deal at the right time, and it may take a lifetime to see a bargain come into full fruition as a fortune maker. Landlords know all too well that buying multiple properties can take months out of life.
Once you’ve put an offer in on a house, it’s a waiting game. It can get difficult to spend hours or days by the phone to see if an offer was accepted or if it was rejected in the face of a larger one. But how long is too long to wait?
There is no specific law or industry regulation dealing with the wait time for an offer on a property, but there are some standards to which sellers and real estate agents often hold. One realtor claimed that they try to get back to all offers within 48 hours. However, another claims it is common courtesy to get back to potential buyers within 24 hours.
The wait time is often longer if sellers have received multiple offers that need to be considered. For one thing, the accepted offer often gets attention first once the decision has been made before other offers get a response. (In other words, the more time that passes after your offer, the grimmer it looks.)
These and other issues related to buying a new property can be worked out with an attorney. Legal representation is often useful at that time, as it saves time and effort in the home or commercial property purchase process in the state of California.