Tenant waiting to hear back from House Offer

DaffyDuck316

Hi everyone, just thought I'd get a feel for people's opinions on this. 

I'm a tenant renting a house. My landlord passed away, and the house is up for sale with an estate agent. The estate agents have submitted my offer to the exector/beneficiaries.

I have been waiting a week to find out if my offer has been accepted /rejected. A property viewing still went ahead yesterday.

I feel like my offer is going to be put on the back-burner and kept there until a better offer comes along. A colleague says I should try to apply pressure (say that I will withdraw my offer in x amount of days). Do you think I should be patient/apply pressure? At the moment, it has been on the market for two weeks with only two viewings. 

MeteredOut

How does your offer compare in relation to the asking price? What is your solicitor recommending?

Have you been given notice on your tenancy? If not, that could put off other buyers as it could be months before you leave...

Flugelhorn

with a probate sale the executor is duty bound to get the best price for the estate so they probably do have to wait for a while - there may also be more than one exec and they have to come to an agreement. 
Ultimately selling to you would be far simpler than to anyone else 

elsien

Only give an ultimatum if you are prepared to walk away. Because if your bluff is called and you still want the house that leaves you in a difficult position.
Two weeks is quite a short period of time and if I was a seller, I would be looking to see what else was coming in. You have the advantage that you’re already there and you know the property and that should go in your favour but it’s not unreasonable of them to want to look at other offers as a point of comparison. 

theartfullodger

Just because the place is sold does not end your tenancy now compel tenant to leave.

Which country (Wales, NI....?)

Have you been served any formal notice to go?  They too do not end tenancy nor compel you to go.

propertyrental

Death of landlord does not end your tenancy (in England).

Nor does the sale of the property,

So you can remain in occupation (continue paying rent!) until such time as either

* you serve proper notice and end the tenancy or

* the new landlord(s) (ie Executors of the Will) apply to a court (following proper procedure, and a court ends the tenancy.

So you are in a strong position, as many buyers will be put off by the presence of tenants who might take months (and months) to evict.

Having said that it's perfectly normal for Executors/Beneficiaries to take time to consider whatever offers they receive.

DaffyDuck316

I really appreciate your feedback, I have found it very reassuring. That being said, I still prepare to have some backup options. Thanks for your messages.

To answer a few questions, I am living in England and have asked for a 5% concession, allowing me to put in an offer that is 95% of the asking price. I am working hard to put some money aside in case of any deviation if/when the mortgage lender does a valuation. I can't see any issues with the property that might degrade the value, but will have to wait and see if I get to that part of the process. 

gwynlas

Be prepared for a long wait as it is unlikely that anything can be confirmed until executors have gained probate which could take months. You could ask the EA for updates regularly. Whilst you might feel morally bound to comply with requests for viewings you could request that these be confined to certain days and times tas you maintain your right to quiet enjoyment as a tenant.

MeteredOut

DaffyDuck316 said:

I really appreciate your feedback, I have found it very reassuring. That being said, I still prepare to have some backup options. Thanks for your messages.

To answer a few questions, I am living in England and have asked for a 5% concession, allowing me to put in an offer that is 95% of the asking price. I am working hard to put some money aside in case of any deviation if/when the mortgage lender does a valuation. I can't see any issues with the property that might degrade the value, but will have to wait and see if I get to that part of the process. 

You don't say if the executors of the estate have given you notice. Being in-situ puts you in a stronger position than other buyers, and you purchasing the property as a sitting tenant will make life easier for the executors.

DaffyDuck316

Thanks, 

I have been put on a rolling tenancy a while back. Then around three weeks ago, I was told that probate has been granted, and was told that 'Notice will be given when a buyer has been found'. I have since made an offer. 

RHemmings

Are you in a situation where if you are given notice, and your offer to buy the house is unsuccessful, that you can find another place to live without too many problems?