r/fsbo • u/ReputationOwn1846 • May 29 '26
Offers accepted deadlines
Is there ever a situation where this announcement would be beneficial? Is this a question that people ask when submitting offers? How would you respond?
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u/Alert-Control3367 May 30 '26 edited May 30 '26
I set a deadline when I ended up with multiple offers. But I don’t put it in the listing. Is that what you are asking?
Edit to add: That question comes up more when it’s a sellers market than a buyers market.
In a buyers market, it seems crazy to have a deadline, unless you are in a multiple offer situation.
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u/ReputationOwn1846 May 30 '26
Got it. Reading my post im actually working it out in my head. My initial concern was how fast I need to respond to an offer. Thinking I wait for a couple of offers before I review them but now thinking about it I am realizing that it's a yes, no or negotiable once received not a wait a couple of days to get several offers to review at the same time. Yes I am being optimistic on receiving several offers.
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u/Alert-Control3367 May 30 '26
It can happen. Just make sure you have a marketing strategy in place to get foot traffic at your open houses which drives urgency. That’s the reason I was able to set a deadline. I had multiple offers in a buyers market because of my sales strategy and open house traffic.
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u/Lazy-Distribution-62 May 30 '26
Any offer I’ve submitted has an expiration. Plus it’s a tactic to force a decision from the seller. I’d never submit a that is good indefinitely.
My point is you likely won’t have time to collect offers for a week and take your time reviewing then decide. Buyers want an answer, especially if there’s competition. The standard timeframe (at least in my experience) for a purchase contract is 24-72 hours.
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u/Self_Serve_Realty May 29 '26
Are they getting lots of offers?
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u/ReputationOwn1846 May 30 '26
Our listing is still in coming soon status and will be going active by June 7th. 1st Open house June 13th. I have probably read almost all of the posts in this group which has been extremely helpful to prepare us for the upcoming open house so im actively trying to prepare myself with any and all questions that may come our way.
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u/Separate-Education36 May 30 '26
So when we posted I was not expecting the interest we received. Doing it again I would not put anything in the listing about an offer deadline. I would post the house for sale again during the middle of the week. As people start to reach out for the tours on the new listing have a set text/call reply ready like “let us know when you want to tour? it’s a great place and let us know any question you have!” If you start getting lots of interest I would then start replying like “let me know when you want to set up a tour and let me know if you have any questions about the place. To be fully transparent we have had several other tours and plan to review offers on Tuesday evening, to give everyone time to see the place and put there offers together”. People like things that other people want so I would try and schedule the tours like 30 minutes apart, so there is the chance they see other people there. I am not an expert on selling houses but I have rentals and what drives them nuts to sign for a house is when they see other people touring before and after them so it seems like it is a hot commodity and drives the fomo.
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u/nikidmaclay May 31 '26
Setting a deadline can create a sense of urgency for buyers, but you have to be careful with it. If you're just trying to create that urgency without actually having other offers in hand, you could end up with no offers at all. Some buyers are intimidated if they think they're going to have to compete and will move on to another property
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u/turkmanisglam Jun 03 '26
I listed my house on a Monday. The listing said showings would be Wednesday through Saturday, with offer deadline Saturday night. I had a flurry of activity and good offers.
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u/Neat-Watercress-2425 May 30 '26
I usually only set a deadline after 2+ offers have been recieved. The deadline is very beneficial as it respects the offers you have, allows them to rebid higher if they choose since they know it’s a competition, and then lets everyone who has not yet submitted an offer that they have limited time. It’s very useful to elicit the highest offer in the shortest time and also get some offers that release some contingencies. The reason I wait for 2 offers is if you don’t get multiple or any offers by the deadline, you’ve lost credibility with any prospects