So sad for the family when someone passes away and the last thing they most probably think about is informing the listing agent of the fact. This is where I am right now with clients who want to sell their property and with whom I have a listing.
So what happens when the listing agent gets an offer on the property at this sad time?
It would not be complicated if a husband and wife owned the property jointly, but several relatives are on the deed. On the upside, if there can be one at this time, the deceased seller has a Living Trust so we are not looking at Probate.
To start, the offeror, or buyer, needs to be informed that the situation has changed and the sellers need a little more time to sort things out legally.
In this case, the buyer is very understanding and is willing to be patient.
On the other hand, from the buyer's point of view, he has no signed contract and things could change, mainly that other offers come in or the sellers (or one of them) change their minds and don't want to sell.
This too shall pass and it will be resolved, however, right now...
The buyer is in a twilight zone!