Offer Dates In Real Estate: What Buyers And Sellers Need To Know
Author:
Lauren NowackiMar 6, 2024
•6-minute read
The goals of shopping for a home are typically straightforward. They involve falling in love with the perfect home, making an offer faster and better than other buyers and having the offer accepted. But in today’s real estate market, more and more sellers are choosing to list their homes with an offer date to drum up more competition and make comparing offers much easier.
What is an offer date and how does it affect your buying or selling? Read on to learn more.
What Is An Offer Review Date?
An offer review date is a scheduled day the seller will review all offers made on their home for sale. Instead of reviewing offers as they come in, all offers will be reviewed at once, on the same day.
This doesn’t mean an offer will be accepted on this date – just reviewed. It also doesn’t mean that a seller must stick to the date. If a great offer comes in before the offer date they set, they can accept that offer and not review the others.
For sellers, an offer date allows them to see all offers at once and compare each one to find the best offer for them. It can also add urgency, creating more competition by making buyers think there’ll be multiple offers, which may or may not happen.
For buyers, an offer date may give them the time they need to tour the home, decide to make an offer and strategically create their best offer that’ll be needed to win a potential bidding war – especially in a hot real estate market.
It also provides more buyers a chance to tour the home and put an offer in. Oftentimes the buyer who got to view the home first, or earlier, gets to have their offer in and accepted before others can even tour the home.