Sellers have three options:
When they are not required to do anything.
I would ask you agent to dig a little deeper. Ask them "what will it take to get them to respond?"
In trust sales it is common to have family members, the heirs, to disagree on how to proceed. Some become "overly optimistic" on the value of the property and the listing times on these properties can be very long.
You may just need to be patient...or pay their price. It might help if your Realtor put together a CMA and also explained how you came up with the price that you did. I include a quote from contractor outlining what work needs to be done and the costs...
You are absoultely correct when they say that the seller must reject your offer in writing. Unfortunately if this property is an REO (bank owned property) usually the agent just gets a verbal notification that the offer was declined because the banks only care about the accepted offer, and in most cases the bank delays reponding.
I believe this is a trust sale. We offered 91 % of the asking price for something that has been on the market for over 3 months, that need repairs and upgrading (not lived in for a year).. I still believe our offer was fair.
again thanks for your input!
You are absolutely correct. That is the right procedure. In Real Estate as well as in a lot of other areas in our lifes we should get things done in writing..
Sometimes the buyer will refuse to counter the offer (perhaps they decided not to sell or it was too low). If they don't have another offer I encourage you to write another offer and find out the reason for the rejection and encourage your agent to encourage the listing agent to come back with a counter and reinstate the offer.
The Carrabba Group
Keller Williams Wilshire
Was seller bank? or property owner? Was the offer low ball ?
Keep in mind agents (listing /buyer) dont get paid till property sales and funded by your lender. As realtors we have an incentive to work with seller.