AboutJohn Souerbry Expertise I'm a broker/consultant specializing in real estate investment. Whether you're currently an experienced investor or just getting into the business, I can help with investment strategies, business planning, deal analysis, negotiating, financing, and property management issues. Regardless of whether the property is residential, commercial or bare land, large or small, I help you increase profitability through sound decision making and effective business management. I also work as part of your estate planning to team (estate attorney and tax pro) when you are planning to leave real estate to your heirs or when you are receiving real estate as part of an estate disposition.
Experience I have experience in buying/selling residential and commercial real estate, property management, financing, and assistance with estate planning and disposition.
Organizations National Association of Realtors; California Association of Realtors; Silicon Valley Association of Realtors
Education/Credentials BS, Business Administration
MBA, Global Management
Past/Present Clients I have worked with individuals holding one or two properties and with clients and estates holding over 40 properties of many different types (apartments, condos, single family homes, land).
Question We made an offer on a house and the sellers came back with an "addendum" to our original offer-- saying that if we agreed to the addendum items, they would place our offer in primary position.
We refused to sign the addendum and reiterated our original offer. We are waiting to hear back.
We did NOT specify an "offer expiration" on our offer. I've heard the standard time for hearing back on an offer is 3 days. I am just wondering if legally, they must get back to us within a certain amount of time before we are no longer bound to our initial offer. I don't want our offer floating around --
Many Thanks.
Answer If your offer was made using a standard California Association of Realtors (CAR) form, Section 31 specifies that the offer is good until 5pm on the third day after submittal unless you enter another date and time. You may want to check this - it's on page 8. There is no standard response time set by law, which is why the form contains the 3 day expiration.
No seller is required to get back to you ever on an offer. The seller always has three options: 1) accept your offer, 2) present a counter-offer or addendum, or 3) ignore your offer.
If you did not use a CAR form to make your offer, you may want to review your offer and determine if any automatic expiration is in the form. If not, you may want to send a written cancellation of your offer to the seller. Ask the seller to sign or initial the cancellation as acknowledgement that it is cancelled.
Best of luck,
John
