Since the real estate market overheated in Spring, there has been a trend to review offers at a specific date in the future, say 1 week from the beginning of the listing. There are several thoughts about doing this. One is, that there will be several competing offers and if a buyer knows there are more offers, they may offer their highest price to “win” the house. Another idea is that buyers will be more thoughtful and less emotional, thus cutting down on buyers backing out of transactions because they’ve had more time to consider their purchase.
There are, however, some unforeseen and unwanted consequences of the delayed review date. One is that some buyers just don’t want to compete – they will move on to the next house that meets their needs and has less activity. Another is when a home with a review date get no offers – making the home seller and agent potentially look foolish.
Are review dates a good idea? Only the seller and their agent can decide that based on the home and market conditions.