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The contract of purchase has an acceptance time for the buyer to receive an answer to the offer. The answer could be acceptance, rejection, or counteroffer to the purchase price or any of the sale terms. I usually offer the seller less than 24 hours to decide on the fate of the contract. During this time period, the seller does have the right to accept other offers, whether or not your offer came first. Upon acceptance, the contract becomes a binding agreement and no other offers can be accepted by the seller. The function of negotiation is not to change the other person‘s mind, but rather to find a solution that meets the needs of both parties!
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