Worried that EA won't tell us about other offers

thriftytracey

Hi

We viewed a property on Monday that had come back on the market after the first buyer got fed up of waiting for probate.  It went on the market in March at £340k and sold immediately.  It is now on the market for £350k which I am thinking might have been the original offer.  We contacted the EA immediately after viewing to offer the full asking price of £350k.  They had more viewings booked this week.  

I've been wondering if they get a higher offer might they just accept it without informing us rather than going for best and final?  Not that I want to go in that direction of course but it is in a great location.

The property needs new kitchen and bathrooms, dated, and garden a jungle and quite small in terms of space, but I don't suppose that will put people off.  

As it is probate and several beneficiaries involved I imagine they will want to get as much money from it as possible.  I've tried to position us as quick to move - short chain and don't need a mortgage.

I am asking this because I have seen threads on this forum where this has happened.

TDPIX

9f of the Property Ombudsman's code of conduct ( https://www.tpos.co.uk/images/Codes_2019_a5/TPOE27-8_Code_of_Practice_for_Residential_Estate_Agents_A5_-_Effective_1_June_2019.pdf ) says that they must tell you about higher offers if yours hasn't been rejected.

So assuming they are a member (verify here: https://www.tpos.co.uk/find-a-member ), they should notify you.

Of course, EAs do lie. Sometimes a lot. So even if they are a member, there's no 100% cast iron guarantee that they will notify you.

eddddy

Executors have a duty of care to the beneficiaries. That would include selling the property for the 'correct' market price. 

That might involve leaving the property on the market for a week or two, to see what offers come in.

(It sounds like you made an 'asking price offer' immediately after the property was re-marketed, so that might suggest to the executors that others might make offers over the asking price.)


Or they might be taking the approach that all the beneficiaries must agree before an offer can be accepted, and they're 'squabbling' about it.


You can ask the EA how the executors are dealing with offers. 

thriftytracey

TDPIX - thanks for the information about the Ombudsman code of conduct.  The EA has a network of branches in the South West so believe it is reputable!

eddddy - I don't really want to call the EA yet, maybe on Monday if I haven't heard anything.