The experts’ forecast for the Florida housing market in 2022 shows that demand is still increasing while the number of properties available is not following the same standard. With home prices and mortgage rates going up, every second counts when you are a property buyer in Florida.
How long does a seller have to respond to a buyer’s offer in Florida? Read on to find out.
How Long Does a Seller Have to Respond to an Offer in Florida? – A Realistic Viewpoint
There is no fixed amount of time for sellers to respond to a real estate offer in Florida. However, the time window between a buyer placing an offer and the seller’s answer is typically between one to three days.
After three days, the offer tends to expire, and the buyer will likely move on to search for other opportunities. Both buyers and sellers must pay attention to several factors involved in a potential real estate transaction to avoid losing profitable opportunities.
Avoiding Costly Mistakes – What is the Best Approach for Property Sellers in Florida?
Did the Buyer Set a Fixed Expiration Date?
In Florida, it is common for property buyers to set the deadline on an offer with a fixed expiration date. Many residential purchase agreements feature a blank spot in the document where the buyer can insert the expiration date on a specific offer.
In most cases, the expiration date is set 24 to 48 hours after the seller’s receipt. If the seller fails to meet the deadline, the buyer will automatically continue the search for other properties.
Is it Mandatory for Sellers to Respond?
While sellers do not need to respond to offers that they receive in Florida, the best approach is to follow the etiquette and act as nicely as possible. Most seasoned real estate agents encourage sellers to respond promptly as a sign of courtesy to potential buyers.
Florida law has no provisions or rules requiring sellers to respond within a specific amount of time. In most cases, the ideal time threshold to respond is between 24 to 48 hours.
Do Florida Sellers Fail When They Hesitate to Respond?
Many property sellers fail to close profitable real estate deals when they hesitate for too long. For example, let’s say the owner of a home in Miami-Dade county receives an interesting offer on the property.
While the value offered is interesting, the owner hesitates and decides to wait until the offer’s expiration date to answer the prospective buyer. If the owner waits for too long hoping the market will bring a better offer, it may result in disappointment.
Is it possible to call a prospective buyer back and ask whether they can agree on the offer’s original terms? Yes, but it could raise potential red flags due to the seller’s hesitancy to make a decision.
The situation can be worse if the buyer is willing to pay a significant amount upfront. Failing to respond to this type of offer in time may result in distrust, as the buyer will feel like the seller has a greedy or unreasonable attitude.
Do You Need Professional Guidance to Handle Florida Real Estate Deals? – Immediately Contact Jurado & Associates, P.A.
A well-versed real estate lawyer from Jurado & Associates, P.A. is willing to help you navigate Florida’s real estate market with pro-level skills. Call us today at (305) 921-0976 or email Romy@juradolawfirm.com to schedule a consultation.