Newsflash: [MD] We submitted an offer last week, and the listing agent seems to be leading us on to use our offer as a leverage point for potential future offers. Is there any law that requires the seller to respond to us in a set amount of time?

My wife and I found a house we really liked last week (on Wednesday). We visited the house on the day it was listed, and decided we wanted to put in an offer. Our buyer’s agent contacted the listing agent to tell her to expect an offer. The listing agent said she would be unavailable the rest of the evening (Wednesday evening) and would not be able to look at the offer until Thursday afternoon. We got all our documents in line, and submitted the offer Thursday morning. We are really interested in this house, and missed out on a previous one because we were a low offer. We offered $5,000 above list price to be aggressive and hedge any potential competition.We did not hear back from the listing agent until Friday afternoon (over 24 hours after we submitted the offer), at which point the listing agent told our buyer’s agent that she would not be responding to any offers until the house had been on the market for a full weekend. This was very frustrating to my wife and I as well as our buyer’s agent. We all felt like the listing agent was trying to use our offer as a negotiating tool for any other potential offers. (“Oh, you’re interested? Well, we already have one aggressive offer, so if you want it, you better submit a better offer.”) We really like the house, though, so we decided to leave our offer.On Monday mid-day we heard from our agent again. The listing agent told him that she was meeting with the seller Tuesday night (tonight) to review the offers. She also told him that we were the only offer (so far).I have a very strong feeling that the listing agent is trying to get more from the house than we offered (which was $5,000 more than list price). I’m a bit annoyed that we had our offer ready to submit last Wednesday, and they aren’t even reviewing it until Tuesday (6 days later). I wouldn’t at all be surprised if the listing agent does not get back to us until tomorrow, at which point it would have been a week since the house went on the market, and a week since we had our offer ready to submit.This is our first time buying a house. Does this sound like normal course of business for the listing agent? Is there any rule that requires the listing agent/seller respond to an offer within a set amount of time? If the listing agent tries to delay again, should we rescind our offer?

Read more at https://www.reddit.com/r/RealEstate/comments/6pfyqw/md_we_submitted_an_offer_last_week_and_the/?utm_source=ifttt

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