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No response from EA about offer - advice?
jimpix12
Posts: 1,095 Forumite
I would have thought this had been asked on the forum before but I can't find much. I placed an offer yesterday lunchtime, it was a cash offer below the (unrealistic) asking price. I felt it was honestly a decent offer at the market value. I didn't attach any timeframe or provisos to the offer.
I was rather hoping the EA would contact me yesterday or even today. They shut in 20 minutes. The property is a probate and there are 2 beneficiaries, which I assume are the vendor's children. The EA advised me that they hadn't indicated any prior "minimum price" expectations, though the EA said it might be 'a little too low' but said she'd put it to the vendors anyway and come back to me. But she hasn't yet.
How long is normal to wait before chasing up the EA given the slightly different-to-normal situation?
I was rather hoping the EA would contact me yesterday or even today. They shut in 20 minutes. The property is a probate and there are 2 beneficiaries, which I assume are the vendor's children. The EA advised me that they hadn't indicated any prior "minimum price" expectations, though the EA said it might be 'a little too low' but said she'd put it to the vendors anyway and come back to me. But she hasn't yet.
How long is normal to wait before chasing up the EA given the slightly different-to-normal situation?
"The only man who makes money from a gold rush is the one selling the shovels..."
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Comments
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It's the executor(s) who will make the decision about an offer on a probate sale, although they could also be beneficiaries.
I have a probate sale at the moment and the executor is a solicitor and I'm still waiting to hear from them with a decision on an offer made on Tuesday.
Call the EA and ask if there has been a response, and if not when do they expect to hear.0 -
Thanks. Is the executor normally a solicitor in these situations? I know that the probate has been granted already; I had assumed it would be the 2x children of the deceased vendor who had the decision."The only man who makes money from a gold rush is the one selling the shovels..."0
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The agent will contact the executor who instructed them to sell... they will then need to contact any other executors to decide if this is a potentially acceptable offer...
However executor is obliged to get best possible price for the estate... so may well just wait for other viewings and offers to roll in...
The executors may not be local (living miles away), may work unsocial hours and may not be able to meet/discuss the offer easily. So it can take time for them to formulate a plan...
How long has it been on the market?0 -
The children do live some distance away, whether they are the executors or not I don't know.
It has only been on for a few weeks, so my chances are slim, but I'd kick myself if I didn't try it. I don't think they'd sell it for much more than I'm offering if they left it to linger on the market over summer."The only man who makes money from a gold rush is the one selling the shovels..."0 -
spunko2010 wrote: »Thanks. Is the executor normally a solicitor in these situations? I know that the probate has been granted already; I had assumed it would be the 2x children of the deceased vendor who had the decision.
Could well be a solicitor, but by no means for certain. Whilst the children are beneficiaries, it does not make them decision makers.0 -
EA has to make contact with someone. Not everyone can take calls at work. Then the "Estate" may wish to discuss the matter between themselves. Is half term week so people could be away.0
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From a completely different perspective, I've dealt with EAs who play psychological games with this kind of thing.
Rather than phoning back straight away to say an offer has been rejected, they leave the buyer to work themselves up into a bit of a state wondering what the answer will be, because then it's easier to negotiate them up.
(So maybe try not to get too stressed out by the wait!)0 -
I was in a similar situation when buying my flat. Due to similar experiences in dealing with EAs and reputation, I always assumed they cannot be trusted at all.
Contrary to my expectation, the EA who sold the flat was quite honest and straight-forward.
I was waiting for 1 1/2 days after I put in the offer, and I assumed he's playing games, but in fact he was waiting for the sellers decision, who were in NZ.0 -
They tried to play games with me on the last house I bought.
The problem for them this time is my offer is the ceiling point, apart from maybe a token gesture of £500 or something, so I won't offer any more regardless of what silly games they may or may not be playing, because then I would be overpaying. I tried to make that clear to them, but in politer terms."The only man who makes money from a gold rush is the one selling the shovels..."0 -
spunko2010 wrote: »regardless of what silly games they may or may not be playing,
Why the assumption that there's silly games being played. Some people like time to reflect and consider their options.0
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