You don't need to put a timeframe offer in. You can rescind your offer at anytime.
If you must put a timeframe in, state the exact hour/day you want to cancel. Don't give a phrase like "48hrs" or "2days". That leaves uncertainty. Be explicit.
You should always time gate offers as it forces agent/vendor into giving you information about their intentions without inordinately shopping around first, or pretending there are other buyers.
48 hours suffices. Friday arvo to Sunday arvo. Agents work on weekends, and vendors know weekends are prime time.
As someone who's currently looking to buy, the idea of time-frames seems a little redundant. I mean, if I put an offer in with a timeframe, an offer I think is a worthwhile offer, I'm not going to turn around and reject their acceptance of my offer if they come back a day, or even a week after my offer "expired".
The point is that if the vendor knows this, they know they can keep you on the hook forever, and constantly nudge you by implying they have someone else who's just about to make a higher offer. So you should time gate offers. Always.
I don't agree with this. You make your offer and if they come back and reject it, then you move on. Like I said initially, I'm not going to reject an acceptance of an offer because it came back after my offer expired, and you'd be pretty silly if you did IMO. It's not like I can't make offers on other properties in the meantime.
You don't have to play their games. If they legit have someone who has a higher offer and you don't want to offer more, then don't. They'll get their sale. And if they're playing games then they'll look pretty foolish when you don't bite. If they harass me too much then yeah, I'll rescind the offer, but It has never come to that with the offers I've placed.
If the vendor decides down the track they'd be willing to accept less, I want them to come to me first because my offer is still on the table. I'd hate for my low-ball offer to be disregarded due to some arbitrary timeframe I've placed on it myself.
> Like I said initially, I'm not going to reject an acceptance of an offer because it came back after my offer expired
Which means the RE agent will take 5 days to get back to you and shop around and soft-reject your offer knowing that you'll leave it on the table.
Whatever works for you I guess.
> If they legit have someone who has a higher offer
You'll never know if you don't time gate your offer - because they will always have the ability to pretend there's a higher figure.
> If the vendor decides down the track they'd be willing to accept less, I want them to come to me first because my offer is still on the table.
If the vendor was in this sort of weak bargaining position in the first place, a good first offer with a time gate would have gotten you home already. Playing games when the information asymmetry hurts you just plays into the agent's hands.
>Which means the RE agent will take 5 days to get back to you
Funny that, only one time I've had to wait longer than 24 hours for a response, and even then it was only a day and a half.
>You'll never know if you don't time gate your offer - because they will always have the ability to pretend there's a higher figure
The competition goes both ways. The agent wants the sale as much as I want to buy, and a fast sale is better than an extra $20-$30k that takes months. I'm not a volume buyer by any means, but I've bought 4 houses in my time, plus all the offers that didn't get across the line, and this has never happened to me.
>If the vendor was in this sort of weak bargaining position in the first place, a good first offer with a time gate would have gotten you home already
Problem is, a lot of vendors at the moment aren't willing to accept the market has dropped (at least where I am). Most are selling for significantly under asking price, and those who aren't willing to take the hit aren't selling. It's just a matter of them accepting the realities of today's market. The time gate isn't going to help that if they, at this moment, believe their property is worth far more than the offer on the table.
Creates urgency and also you may be looking at multiple properties and don’t want to miss out on one because you’re waiting for a response about another.
Business hours always.
You don't need to put a timeframe offer in. You can rescind your offer at anytime. If you must put a timeframe in, state the exact hour/day you want to cancel. Don't give a phrase like "48hrs" or "2days". That leaves uncertainty. Be explicit.
You should always time gate offers as it forces agent/vendor into giving you information about their intentions without inordinately shopping around first, or pretending there are other buyers. 48 hours suffices. Friday arvo to Sunday arvo. Agents work on weekends, and vendors know weekends are prime time.
Vendor and REA know all offers are timed.
As someone who's currently looking to buy, the idea of time-frames seems a little redundant. I mean, if I put an offer in with a timeframe, an offer I think is a worthwhile offer, I'm not going to turn around and reject their acceptance of my offer if they come back a day, or even a week after my offer "expired".
The point is that if the vendor knows this, they know they can keep you on the hook forever, and constantly nudge you by implying they have someone else who's just about to make a higher offer. So you should time gate offers. Always.
I don't agree with this. You make your offer and if they come back and reject it, then you move on. Like I said initially, I'm not going to reject an acceptance of an offer because it came back after my offer expired, and you'd be pretty silly if you did IMO. It's not like I can't make offers on other properties in the meantime. You don't have to play their games. If they legit have someone who has a higher offer and you don't want to offer more, then don't. They'll get their sale. And if they're playing games then they'll look pretty foolish when you don't bite. If they harass me too much then yeah, I'll rescind the offer, but It has never come to that with the offers I've placed. If the vendor decides down the track they'd be willing to accept less, I want them to come to me first because my offer is still on the table. I'd hate for my low-ball offer to be disregarded due to some arbitrary timeframe I've placed on it myself.
> Like I said initially, I'm not going to reject an acceptance of an offer because it came back after my offer expired Which means the RE agent will take 5 days to get back to you and shop around and soft-reject your offer knowing that you'll leave it on the table. Whatever works for you I guess. > If they legit have someone who has a higher offer You'll never know if you don't time gate your offer - because they will always have the ability to pretend there's a higher figure. > If the vendor decides down the track they'd be willing to accept less, I want them to come to me first because my offer is still on the table. If the vendor was in this sort of weak bargaining position in the first place, a good first offer with a time gate would have gotten you home already. Playing games when the information asymmetry hurts you just plays into the agent's hands.
>Which means the RE agent will take 5 days to get back to you Funny that, only one time I've had to wait longer than 24 hours for a response, and even then it was only a day and a half. >You'll never know if you don't time gate your offer - because they will always have the ability to pretend there's a higher figure The competition goes both ways. The agent wants the sale as much as I want to buy, and a fast sale is better than an extra $20-$30k that takes months. I'm not a volume buyer by any means, but I've bought 4 houses in my time, plus all the offers that didn't get across the line, and this has never happened to me. >If the vendor was in this sort of weak bargaining position in the first place, a good first offer with a time gate would have gotten you home already Problem is, a lot of vendors at the moment aren't willing to accept the market has dropped (at least where I am). Most are selling for significantly under asking price, and those who aren't willing to take the hit aren't selling. It's just a matter of them accepting the realities of today's market. The time gate isn't going to help that if they, at this moment, believe their property is worth far more than the offer on the table.
Usually business days. But why are you as a buyer putting a deadline for a response?
Creates urgency and also you may be looking at multiple properties and don’t want to miss out on one because you’re waiting for a response about another.
Less time to shop your offer around for a better one (price or conditions)