When putting in an offer on a property how long is it valid if say you wanted to put in an offer on another property.
As long as you stipulate in the contract note or offer document. I usually like to only give vendors a brief time to accept or reject an offer. Usually 24 hours. This will depend upon how close a formal advertised inspection is to the offer date and the market conditions, uniqueness of the property, etc
On one purchase I actually gave them a 2 hour time limit to accept or reject as the listing agent let me know there was a colleague of his showing people thru later that afternoon.
Really it depends on the type of property and the market conditions at the time. Today if it is above median or into 7 figures generally the buyer has the upper hand. This may vary from one suburb to another but in this market, keep the vendors on their toes and let them know via the agent that you are also keen on other properties. There is no shortage of properties for sale. Perhaps the lower end is bucking the trend with FHOG and investors returning with lower rate environment.
Basically do what suits you.
If you don't put a timeframe in the contract then the offer is valid until you let the vendor know in writing that the offer has been withdrawn.
Even if there is no timeframe in the contract and the vendor signs the contract say a couple of weeks later you can still exercise your right to cool off under the contract.
In my experience as a vendor, I have know just about immediately whether I am going to accept an offer or not. I see no reason to give a vendor a really extended timeframe. If you want to put other offers in and not be "held up" by waiting to see if an offer is accepted, you could always have a timeframe in your offer and tell the REA that you want to make an offer on another property. That will get the vendor to pull his/her finger out and make a decision quickly.
Cheers
K
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