short window offers do you guys do that?

[Steven Westlake]

I listed a single family house for sale today at $229,900. It’s a hot market here in Houston Texas. I priced it middle of the pack, it’s upper 10% in condition, trying to start a a bidding war. Got a cash offer of $230k in less than an hour, but they want an answer by midnight tomorrow night. Am I crazy if I don’t answer, by then? Or tell them to submit their best and final?

[Steve K.]

 Sounds like you priced it right to get multiple offers. I would let it go through the weekend, and if you have several offers by Sunday night, give them all one more chance to improve their offer to their "highest and best". The way the market is working lately, properties are being listed on Wednesday or Thursday, with an offer deadline by Sunday night (or Monday at noon). This way folks have a chance to look and do their DD. It doesn't benefit you to accept an offer with a quick acceptance deadline if there could be other higher offers coming in.