Offered but no reply.

JIL

need_an_answer wrote: »

If you are having issues getting answers to your offer on a probate property,believe me you'll likely face a whole host of other time issues as the property progresses if your offer is accepted.


I got 3 months into buying a probate property 2 years ago and barely got anywhere before deciding that whilst the executors clearly needed to sell,they were selling on behalf of beneficiaries that couldn't agree on anything.

Sometimes the problem with a probate/estate sale is there is no hurry...usually no onward up chain and those benefitting from the funds see it as a windfall so perhaps want to wait for the best and highest offer to maximise their cut.
This is particularly evident when its "more distant" relatives who perhaps have not set foot in the property for years. If you get any further expect things like the property information form to be nigh on useless as every question is likely to be ticked "not known". (apologies if I offend anyone,but that's been my experience of buying a probate house. I appreciate lots will have a different view)



Keep the offer on the table for as long as you feel comfortable however I would stress to the agent that as no firm commitment has been received you will continue to view other suitable property.

Your experience seems to sum up my fears.


Thanks to everyone who has replied. I will leave the offer on the table and see what happens.

Beenie

There is very good advice being given here.

From the other viewpoint, we were once beneficiaries of a deceased aunts estate. Basically all the nieces and nephews got a share, but the executors were her elderly brothers and brother-in-law. The whole thing dragged on and on as the BIL wanted to achieve every last penny; we (the beneficiaries) didn't care as it was, as someone has said earlier, an unexpected windfall. The main point is that the probate and involvement of executors bickering made the whole process very longwinded.

Marvel1

Keep looking at other ones, they are waiting for a better one and probably do this before exchange.

Thrugelmir

Having been executors for both my parents estates. Matters can take time to resolve. When prospective buyers are asking what's happening. Very frustatating not being able to give a timeframe. As events were outside of my control. Total reliant on third parties.

SmashedAvacado

I dont quite understand the OP here. If your offer was rejected, did you make another offer? If not, do they know your offer of 255k is still on the table? presumably so.

If this were me, i would call the agents and indicate that you need a response to your offer in 24 hours or will withdraw it. If they are looking to sell, they will get back to you either way. If they reject that does not stop you making a higher offer - but in the meantime, if this is their approach to the sale, then i would be cautious about getting too invested until i was clear that they are committed to you as a buyer.

lisyloo

JIL wrote: »

Is it worth me saying if I don't get an answer within the next couple of days then I wish to withdraw my offer? Or is that just shooting myself in the foot?

I was surprised that they came back to me and asked for my financial details and then nothing further. If they did come back maybe we could meet in the middle but to keep saying they are considering is getting us nowhere.

I don’t think you’ve waited very long at all - although appreciate it may seem like it to you.

What if there are multiple beneficiaries to be consulted?
One of them could have been ill, on a business trip or any number of things.

If you want a really quick answer then up your price but say you want a quick answer. If it’s a no brainer then they might be able to say yes very quickly without thinking about it.
You’ve given them a price that they all need to consider and consult on so that’s going to take a little longer.
Is £5k really worth a week or twos wait to you?

In most cases I’d say not.

I think what’s most likely is you’ve given them something they need to think about rather than something they can say yes to straightaway. Ironically the latter means you went in too high.

Albala

I know of one property that has a host of beneficiaries (It's abroad, where property can be divided into huge numbers of relations at death). I think it's been empty for about 30 years now, and the local council is very unhappy (it is now nearly derelict). Some beneficiaries (spread over several countries now and three generations) just won't agree to sell it. Each one will get so little, and nobody is local, so nobody is motivated/able to get it sorted out.

JIL

SmashedAvacado wrote: »

I dont quite understand the OP here. If your offer was rejected, did you make another offer? If not, do they know your offer of 255k is still on the table? presumably so.

If this were me, i would call the agents and indicate that you need a response to your offer in 24 hours or will withdraw it. If they are looking to sell, they will get back to you either way. If they reject that does not stop you making a higher offer - but in the meantime, if this is their approach to the sale, then i would be cautious about getting too invested until i was clear that they are committed to you as a buyer.

I made my offer a few days after the property went on the market. It was rejected immediately saying asking price only. Two weeks later they came back to say could they see my agreement in principle. I provided it and two weeks later still no response. No rejection, no other offers, no dialogue.

JIL

lisyloo wrote: »

I don’t think you’ve waited very long at all - although appreciate it may seem like it to you.

What if there are multiple beneficiaries to be consulted?
One of them could have been ill, on a business trip or any number of things.

If you want a really quick answer then up your price but say you want a quick answer. If it’s a no brainer then they might be able to say yes very quickly without thinking about it.
You’ve given them a price that they all need to consider and consult on so that’s going to take a little longer.
Is £5k really worth a week or twos wait to you?

In most cases I’d say not.

I think what’s most likely is you’ve given them something they need to think about rather than something they can say yes to straightaway. Ironically the latter means you went in too high.

Thank you, because there have been no other offers I wonder if we did go in too high, hence my hesitation in increasing to get them to move.

csgohan4

if their not bothered why should you, and this is just for considering your offer, imagine solicitor related queries? nightmare potentially