Team Stueckler will write the offer and go over it with the buyer. The offer is written on the Maryland Association of Realtors standard contract. Once the offer is submitted to the seller it typically takes 2-3 days for a response if it is a standard sale. If an offer is made on a bank owned property (aka foreclosure or REO) it can take about a week for a response from the seller. If an offer is made on a short sale a response from the seller takes about 2-3 days but then needs third party approval (approval by the bank) which takes about 90 days. A ‘Short Sale’ means the seller is shorting the bank on what they owe. It does not reference the time it takes to settle as being short. Typically short sales take 6-8 months to settle.
If an offer is countered the other party can either make a counter to their counter or walk away. Once an offer is countered, the original offer becomes null and void.
If an offer is rejected, the offer becomes null and void. The buyer that made the rejected offer can submit a new offer if they’d like.
Click here to see a copy of the first 10-pages of the Residential Contract of Sale (MAR)-3. This does not include any extra addenda that may be added to any offer (i.e., property inspections, septic inspections, financing addendum, etc.)