The top of page 8 on the RPA-CA (California Residential Purchase Agreement) states, unless changed by buyer, that the offer expires after the 3rd day of submission.
So, now we are at day FIVE, what happens with that offer? Does the buyer have to write another one?
Generally not. We agents are kind of used to it due to the amount of REO's we have in inventory. Even the SS's lag behind in response time.
As a listing agent, I will prepare a counter offer referring to that original buyers offer. It is up to the buyer if they choose to accept it, re-write, counter the counter, or reject.
At this point, in this market, the problem with not responding to the offer in a timely manner is that those buyers will continue to look, most likely, and may find another property.
Until all parties have signed on the 'dotted line', we don't have an agreement.
Could we possibly get a better offer while we're waiting for seller # 2? Maybe, possibly. But remember what your momma always told you? Or maybe it was your grade school teacher?
"A Bird In The Hand Is Worth Two In The Bush!"
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