time to accept contract

[bcdudley]

We submitted a contract on a house almost a week ago and we have not heard anything back from the seller. Is that normal, or is something wrong. The house was selling for $130k.We submitted an offer for $130k with the seller paying $5200 for closing costs on a VA loan.

I am thinking they may be waiting to see if they get a better offer over the holiday weekend. How long should we wait before recending the contract? We really like the house a lot, but I don't want to wait weeks for them to make up their mind.

Thank you,

[ShanetheMortgageMan]

It depends on who the seller is.  If it's a bank owned property it could take a week or even a few.  If it's a homeowner then normally there is a deadline in the contract in which they must respond by or the offer is null & void, if they haven't responded by then they may not be interested in your offer, as a seller isn't required to respond to all offers.... or like you said they may just waiting for the holiday weekend to elapse.  Have your agent call their agent in the morning and see what their deal is.

[gul1]

When we put in our offer, the contract stated that the seller (builder) had 72 hours. He signed the contract about 2 hours later and accepted our offer ( full price and builder pays $5800 closing cost).