Sellers typically have 24 to 72 hours to accept, reject, or counteroffer after receiving an offer on a property, though this timeframe is negotiable and depends on local customs and what the purchase agreement specifies.
The standard varies significantly by region. In many U.S. markets, 24 hours is common for residential real estate, while others default to 48 or 72 hours. Some agreements allow longer periods, particularly in slower markets or for commercial properties. The exact deadline should be clearly stated in the written offer itself—if no timeline is specified, some jurisdictions default to a reasonable time period (often interpreted as 24 hours), but this isn't universal.
Importantly, buyers and sellers can negotiate this timeline. A buyer might request a shorter deadline to create urgency, while a seller might ask for more time to consider multiple offers or consult advisors. Real estate agents typically handle this negotiation and ensure the deadline is documented in writing.
Once the deadline passes without a response, the offer may be considered rejected or may expire entirely, depending on the agreement's language. Some offers include a "continue to show" clause allowing sellers to keep marketing the property even after accepting an offer, which is common in competitive markets.
Buyers should always clarify the response deadline in writing before submitting an offer to avoid misunderstandings. This deadline is separate from other timelines in a transaction, such as inspection periods, appraisal contingencies, or closing dates.