Submitted an offer. Still waiting...

[Dilthon Ramos]

Hello everyone,

I know there isn't a specific amount of time from when an offer is placed on a property to when the seller counters/accepts/rejects the offer. However, I did want to know how much time is too long after an offer has been placed on a property?

Here's the quick and dirty:

I'm looking to secure my first multi family property for buy and hold. I found a few properties and placed offers. Most of them responded within 48-72 hours. However, there is one property that has yet to send a response. The offer was placed about a month ago. Now, I'm no expert, but based on recent experiences with offer submissions, I feel that 1 month is way too long to receive a response. Am I wrong?

There's more to it. It so happens that my agent personally knows the agent for the subject property and according to my agent, the other agent is holding up the offer process so that they don't have to split the commission. Does this sound right? It makes sense to me but at the same time I'm not sure.

Some more info:

• FHA loan
• Offer submitted 10k above asking price due to other offers on the table
• 2 unit Property in LA City

Again, I've never purchased property before. This is my first time going through the home buying process. I get a feeling something isn't right, here. Any guidance or help with this will be greatly appreciated.  

Thank you,

D