In theory, there's no rule about how quickly a seller has to respond to purchase offers. You can take as long as you want before responding since there is no official time frame. However, the industry standard is to get back to interested buyers within 24 to 72 hours. This is a common courtesy observed by many professionals in the industry.

The exception is for certain states, such as California, where an offer will be considered revoked if it's not signed by the seller and delivered back to the buyer by 5 P.M. on the third day after the buyer signs it. A buyer can enter a specific date into the agreement or keep the default of the third day. In this case, all money paid by the buyer, such as earnest money, would be promptly refunded.

In states that don’t have specific rules and guidelines, sellers usually respond within one to three business days.

When an offer from a qualified buyer comes in, you can respond in one of three main ways:

This is the best case scenario for any buyer making an offer. Should you receive a spectacular offer where you agree to all the terms, conditions, and contingencies in the purchase contract, it could be worth signing on the spot. Accepting an offer sans any changes means the buyer can now move to the home inspection.

While some offers may be close to what you were looking for, some may still contain a few deal breakers on your end. This is when you can make a counteroffer, which lets you come back with a proposed price or change of terms to meet your needs and keep the conversation going. 

When you respond to an offer with a counteroffer, it may include different things, such as:

• A higher price.

• A lower price but with a proposal to take out appliances or furniture initially included in the price.

• A different split of the closing costs.

• Different contingencies or the conditions to be met to complete the deal.

• A change in the closing date.

Once you send a counteroffer, the buyer will have a deadline for them to respond. They will only have a chance to accept or deny the offer.