Once the seller has received your offer, they'll normally respond within 2 or 3 days if they are considering your offer. In situations where they receive multiple offers, we'll normally know within a few hours that there are multiple offers and we may have to re-submit a new offer.
If the Seller is considering your offer, they'll normally respond with a counter-offer, although they might "accept it" as is. This back-and-forth could go on for a few days, but is normally pretty quick. I'll help you negotiate multiple items, not just the price. In fact, there are at least 6 other areas for negotiaton within the standard Texas home-buying contract.
Once both parties agree, we have an "executed contract" and we normally begin the "option period", which we ask for during the initial negotiations.
The option period
For a homebuyer, the option period is the best and most powerful aspect of the Texas homebuying contract. It is essentially a clause that lets you walk away from the transaction for any reason during a specified time period. During this time period, you'll be completing mortgage issues with your lender, obtaining home inspections, and we may end up negotiating for additional things from the Seller. It's a great negotiation tool for you!