House In Probate - Offer To Buy

[patrickstar]

Recently looked at hoke that was in probate that was for sale, with no timeline for a sale. We made on offer that was rejected as below another offer that was made. We requested another viewing to confirm we would wish to potentially offer the full asking price, or at least £5-10k higher than the other offer (which was approximately £15k below asking price).

We were informed by the Estate Agent that the other offer was accepted after we made the above request. Should the Agent have contacted the solicitor taking care of the probate informing them of this situation, or as the offer was accepted they were correct in taking no further action? Just seems a bit strange that a higher offer wouldn't be considered as more money for those gaining from the house and the Estate Agents.

[AuntPollyGrey]

This was probably a timing issue. They had an offer sitting on the books that the sellers did not accept -you put in a substantially lower offer, which the seller would have been informed of, and the sellers probably thought they best accept the higher offer. Once the offer has been accepted it is pointless an Agent informing the solicitor there is a higher offer on the table, as this is gazumping, and against the Law.

[bednobs]

gazumping isnt illegal is it?

[patrickstar]

There was no question of gazumping (which is a moral issue not a legal one) as we had stated that we would consider a higher, or full, offer this week once and if a second viewing could be had. Everything is meant to be in the bigger scheme of things but something just feels out of the normal. Ce la vie!

[woofgang]

well but you hadn't made an offer...you had said that potentially you might. Should the solicitor risk losing a firm higher offer than you had made on the basis of what you MIGHT do?

[AuntPollyGrey]

Patrick: //There was no question of gazumping (which is a moral issue not a legal one) as we had stated that we would consider a higher, or full, offer this week once and if a second viewing could be had.//

You say you were informed by the Estate Agent that, when you requested a second viewing with the possibility of upping your offer, that the Agent informed you the seller had already accepted an offer. that is perfectly normal. If the shoe was on the other foot, and you had had your offer accepted, and the Agent then showed the property someone else, with a view to putting in a higher offer than you, you would be furious, I'm sure.

[bednobs]

Patrik, what you are describing IS gazumping isnt it?

[Peter Pedant]

yes I would write to the estate agent and point out that you are prepared to offer a higher price
and that the executors are obliged to get the best possible price
so can they pass it on
I think you need to write and not say
and see what happens

I think you have to be bona fides - I dont think you can say later - o my gran has broken her leg so I dont want to proceed

[patrickstar]

For clarity the Estate Agent was aware we were prepared to offer up to the full asking price, but we needed a second viewing during this week to two areas that may have been potential money pits. Whilst an offer had gone in by another interested party the Estate Agent knew the person controlling the probate had not accepted that offer at that time. My question is should the Estate Agent have informed that person someone was potentially wishing to offer full asking price but this could not happen until we had permission for a second viewing. My concern is did they just wish to get a sold sign up as opposed to ensuring best price for the seller. Hence my question to this group. No gazumping or wish to. Simples.
Peter Pedant has provided the best and most balanced answer, with thanks. We have the cash, no onward chain and the intent to want the house as a family home and not to do up and sell (as it is quite run down). Just a question of checking two chimneys and drainage a little more closely. Always something better around the corner, but felt in this case the sale of the house did not follow best practice for the seller more than me, a potential buyer.

[fiction-factory]

As well as looking at the monetary value of the offer I don't think it's unreasonable for them to take account of the status of the potential buyers in terms of whether the buyer has got funds available, is there a chain, etc

[fiction-factory]

Crossed posts- I see you have the funds. Maybe though the other buyer had started the survey process so was seen to be more advanced.

[fiction-factory]

I'm not sure that just because it's in probate that means there is necessarily an executor who is obliged to get the best offer- the executor could well be the only beneficiary

[AuntPollyGrey]

//My concern is did they just wish to get a sold sign up as opposed to ensuring best price for the seller.//

If the Agents are on Commission its in their interests to get as much as possible for the sale.

There are some inconsistencies in your original post. Normally Agents to not tell prospective purchasers the value of offers they have on the book yet you state the others offers £15k less -how did you know that?

Secondly, you have no idea how much the sellers accepted on the sale - for all you know the original folks whose offer was declined could have reoffered at the asking price.

You unfortunately missed out , however, you could still leave an offer on the books in case this sale falls through.

[woofgang]

"Peter Pedant has provided the best and most balanced answer, with thanks"

Except that his answer is based on a different set of facts. His answer asssumes that its an offer to buy at the asking price and not a statement that you might be prepared to buy at the asking price after a second viewing.

[bednobs]

Estate agents are obliged to put all offers forward, but from what you say you didnt offer a second time, just indicated that at some unspecified point in the future depending on some unknowns you might potentially put in another offer. And despite what you say, if they have already accepted an offer and you offer more that IS gazumping