It means you give your bidder a certain amount of time to either accept or reject your terms. This benefits your outcome in a couple of ways. First, a short expiration date motivates your potential buyers to make a speedy decision. Either you’ll go into a contract with them, or they’ll move on to greener pastures. If the bidder moves on, you are free to negotiate with other bidders quickly. If they accept your terms in short order, you sell your property faster. Be reasonable. The last thing you want to do is turn your buyer off by making the timeframe too short, particularly if their current offer isn’t far from your ideal price. However, feel free to go below the standard time used in your area. If the typical deadline is two days, make it one day. The potential buyers will know you mean business, but you also recognize this is a life-changing decision for them, as well as for yourself. There’s another reason to expedite these contracts besides quickly closing a deal or being free to negotiate with other buyers. The longer your home is on the market, the less desirable it appears to potential buyers. If the deal falls through, you’ve extended the number of days your home has been on the market. Valuable time has been wasted. By shortening that time, you shorten your overall number of marketed days if this deal doesn’t go through.
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