Time is of the Essence
The Personal Seattle Real Estate News
You do, even if you don’t.
The dictum Time is of the essence is a legal principle. It applies to the many steps of a real estate transaction from mutual agreement to closing. Especially these days when many buyers are chasing a few properties, time and timing are critical factors.
The offer begins with the offer date. The next date is the required response date for the seller, called the offer expiration date. Sellers are not obligated to respond and if a seller does not respond, the offer expires. Is it good to push the seller for a quick reply? Yes, if the offer is stellar in every respect and impossible for the seller to refuse. Note that in a sellers’ market many sellers expect more than one offer. Then, the listings may state that the seller will review offers at a certain date.
The next date of an offer is the closing date. It’s good to determine in advance if a quick close is important to the seller. A quick closing date can strengthen an offer. If a fast closing matters to the seller, a cash buyer has the edge. [Read more…]