Jeannie in NJ Posted December 29, 2011 Share Posted December 29, 2011 the people that looked at our house last week and then again on Mon. Our realtor just emailed me and said that they have been with their realtor all day writing up an offer and we should have it either tonight or tomorrow. Just wondering does it usually take so long to write up an offer? FIrst house i Have sold so this is all new to me. Quote Link to comment Share on other sites More sharing options...
chepyl Posted December 29, 2011 Share Posted December 29, 2011 They have to work out what they will offer, what they want from you, get papers from the lender, approval by the RE office owner/manager, get it signed by all appropriate parties, then get it to you. It can be done fast, but when there is no rush (multiple offers coming in, concern you have another offer) they may take their time getting it finalized. It took two days to get the offer on our house when we sold it; bit we had our offer in on Tue house we purchased in 2 hours because we knew they had three other offers and they were looking at them that night. Quote Link to comment Share on other sites More sharing options...
ashfern Posted December 29, 2011 Share Posted December 29, 2011 They probably have the same luck that I have. Every time I need to do an offer one piece of my office equipment decides to quit working. I've run out of toner so I couldn't print the offer. :001_huh: My internet was down so I couldn't even write up the offer. :toetap05: My fax didn't work so I couldn't send in the offer. :willy_nilly:What should take about 30 minutes usually takes me all day. :svengo:Hopefully they get it to you soon. :D Quote Link to comment Share on other sites More sharing options...
MariannNOVA Posted December 29, 2011 Share Posted December 29, 2011 Answer to your question: Yes, and in S. Jersey it is done differently than in n. Jersey. In S. Jersey, if everyone agrees to eveything (which can be done if the agent and buyer take the time to write up a quality offer), you can have a ratified contract much faster than if everyone has to go back and forth making and initialing changes. I'd consider it a good serious offer if it's taking awhile -- not someone just tossing out a number to see if you will bite. :001_smile: Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted December 29, 2011 Author Share Posted December 29, 2011 Ashfern, thanks for making me laugh, That helps me not get too stressed waiting. Quote Link to comment Share on other sites More sharing options...
ThisIsTheDay Posted December 29, 2011 Share Posted December 29, 2011 If it's their first house, it may be taking forever to get satisfactory explanations on ev.er.y.thing. Good luck!!!:grouphug: Quote Link to comment Share on other sites More sharing options...
runmiarun Posted December 29, 2011 Share Posted December 29, 2011 the people that looked at our house last week and then again on Mon. Our realtor just emailed me and said that they have been with their realtor all day writing up an offer and we should have it either tonight or tomorrow. Just wondering does it usually take so long to write up an offer? FIrst house i Have sold so this is all new to me. This is a pretty typical time frame for this time of year and if it's a first-time buyer. For example, we put an offer on a house yesterday. Our agent told us to expect it to take an extra 5 days to hear back due to the holidays. When he spoke to the seller's co-realtor, it turned out that all the parties involved on their side are out of town until next Tuesday. Quote Link to comment Share on other sites More sharing options...
Annie Posted December 29, 2011 Share Posted December 29, 2011 We're in the process of buying a house, and it took us three days to get our offer together. My DH and I were in two different states because of holiday travel. The agent made a mistake that I caught, and he had to go back and fix it. I'm visiting my parents without a printer or scanner so I had to go to the Fedex copy center to print, sign, scan back in. It was a process. :) Quote Link to comment Share on other sites More sharing options...
JumpedIntoTheDeepEndFirst Posted December 29, 2011 Share Posted December 29, 2011 Yes it can. Especially if the buyers, the agent or anyone in the chain is new to the process. Add to that the holiday/vacation period currently in full swing and you have a recipe for a time consuming process. Lots of different items to check-ie do we specify we want all outdoor lighting to remain, which window treatments must be included, what to be repaired, etc. Then there are all the financial arrangements to have in place, final numbers to calculate based on their offered price, etc. Best of luck-hope the offer is all you hope for. Quote Link to comment Share on other sites More sharing options...
ChristyB in TN Posted December 29, 2011 Share Posted December 29, 2011 Not in my little corner of the world but that doesn't mean its not coming. Like everyone else has said, they may be working on getting signatures from out of town folks or maybe the office they are working with works at a snail's pace. We do too much business here to work that slow, we would starve to death. Maybe their mortgage person is taking a long time to get pre approvals to them, we are seeing a ton of that this week. Everyone at the banks seem to be on vacation still.... I should have had 2 deals closing this week and well, I'm still trying to get everyone in the same room and all the docs in. I bet you'll see something today because everyone wants to get stuff done so they can be off work again on Friday. :banghead: Quote Link to comment Share on other sites More sharing options...
QuirkyKapers Posted December 29, 2011 Share Posted December 29, 2011 Yep it can. Lots of little details, signatures etc. Quote Link to comment Share on other sites More sharing options...
livingnlearning Posted December 29, 2011 Share Posted December 29, 2011 Maybe they're being responsible and smart and making a careful decision? It's a major purchase for them, why wouldn't it take more than five minutes? Quote Link to comment Share on other sites More sharing options...
Night Elf Posted December 29, 2011 Share Posted December 29, 2011 Maybe they're being responsible and smart and making a careful decision? It's a major purchase for them, why wouldn't it take more than five minutes? I don't know. When we purchased this house 6 years ago, we were preapproved for a loan. We didn't have to worry about financial paperwork. We saw the house just after lunch and had an offer in within a couple of hours. Ours was one of three they got. Our offer was accepted and we were under contract by early evening. We closed one month later and moved in the next day. It was all so effortless, thank goodness! It was the 3rd house we purchased and I don't recall us having issues any time. All our offers were nothing but a couple of pages of print and one or two signatures. Even when we negotiated the first time, the back and forth was so fast. I would have freaked if we had to sit on a deal for days. Maybe selling and buying is totally different these days? Honestly, these days if I was trying to sell my house, I would be available at any time. We have 2 houses on our street in a one-street neighborhood that have been for sale for a very long time. It's disheartening and we think it would be dumb of us to even try. One house has dropped over $50,000 since it first went up. It's priced $45,000 less than what we paid for our house. I wish the housing market would go back up! Quote Link to comment Share on other sites More sharing options...
Myeightkiddies Posted December 29, 2011 Share Posted December 29, 2011 I've bought and sold many properties and houses, and here in Florida, it only takes about an hour to write up an offer. I'm not sure why it would take all day. There should be no counter-offering happening without your knowledge. Your agent should be informing you of each and every offer so that you may decide whether you want it or not. Whatever the reason as long as you get a decent offer that is all that matters. I'm hoping something good comes through for you today. Quote Link to comment Share on other sites More sharing options...
TravelingChris Posted December 29, 2011 Share Posted December 29, 2011 It didn't take us a day but this was the third house we bought. It did take about three hours even though we were experienced buyers. The federal government has added a whole bunch of new forms that must be filled out. Quote Link to comment Share on other sites More sharing options...
chepyl Posted December 29, 2011 Share Posted December 29, 2011 I don't know. When we purchased this house 6 years ago, we were preapproved for a loan. We didn't have to worry about financial paperwork. We saw the house just after lunch and had an offer in within a couple of hours. Ours was one of three they got. Our offer was accepted and we were under contract by early evening. We closed one month later and moved in the next day. It was all so effortless, thank goodness! It was the 3rd house we purchased and I don't recall us having issues any time. All our offers were nothing but a couple of pages of print and one or two signatures. Even when we negotiated the first time, the back and forth was so fast. I would have freaked if we had to sit on a deal for days. Maybe selling and buying is totally different these days? Honestly, these days if I was trying to sell my house, I would be available at any time. We have 2 houses on our street in a one-street neighborhood that have been for sale for a very long time. It's disheartening and we think it would be dumb of us to even try. One house has dropped over $50,000 since it first went up. It's priced $45,000 less than what we paid for our house. I wish the housing market would go back up! We were preapproved for a loan and had the paperwork. We needed to be approved for $2000 more to make the offer we wanted. We had to wait for a new document from the bank. Quote Link to comment Share on other sites More sharing options...
Teachin'Mine Posted December 29, 2011 Share Posted December 29, 2011 Yes and congratulations! I hope it's a good one! Don't be afraid to counter and make changes as needed. :) Quote Link to comment Share on other sites More sharing options...
Moxie Posted December 29, 2011 Share Posted December 29, 2011 Any news?? Did you get the offer? Quote Link to comment Share on other sites More sharing options...
bbkaren Posted December 29, 2011 Share Posted December 29, 2011 We were paying cash for the house we bought last year, had the cash in our checking account at the time, and it still took half a day to draw up the paperwork. Contingencies...what if's...etc. You have to have all the possible bases covered...and it has to be clear that you're out of the deal if ___ happens/doesn't happen. Nowadays it's a buyer's market, so unfortunately there's probably a laundry list of demands that you fix this-and-that or take off money for it... Quote Link to comment Share on other sites More sharing options...
TranquilMind Posted December 29, 2011 Share Posted December 29, 2011 the people that looked at our house last week and then again on Mon. Our realtor just emailed me and said that they have been with their realtor all day writing up an offer and we should have it either tonight or tomorrow. Just wondering does it usually take so long to write up an offer? FIrst house i Have sold so this is all new to me. No, it doesn't take long. Maybe the people are still debating what to offer or ask for in terms of repairs. Maybe the Realtor (or the other, if 2 involved) is unknowledgeable. Or maybe they really aren't approved to buy. Happens all the time. I've bought and sold lots of times and our own sales were much quicker and easier than any that involved Realtors. Realtors brought me several offers from Buyers who could not perform. A "preapproval" is meaningless; it means IF the buyer gave correct information THEN the mortgage company might loan them the money. Require a firm approval within 3 days in your offer. Even then, they sometimes still aren't "firm". Stay on top of the entire transaction like a pit bull. You have to! Not trying to scare you, just speaking from long, hard experience. Quote Link to comment Share on other sites More sharing options...
Jeannie in NJ Posted December 29, 2011 Author Share Posted December 29, 2011 nope, haven't heard anything yet Quote Link to comment Share on other sites More sharing options...
livingnlearning Posted December 29, 2011 Share Posted December 29, 2011 Hopefully all their ducks are in a row. Between business hours and realtor work I can see taking some time but it does make you wonder! They are making an offer on YOUR house, right? ;) Quote Link to comment Share on other sites More sharing options...
Catwoman Posted December 30, 2011 Share Posted December 30, 2011 Any updates yet, Jeannie? I hope they make the offer and it is high enough for you to accept it! :001_smile: Quote Link to comment Share on other sites More sharing options...
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