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Selling a house question.

stu-vfr
stu-vfr Posts: 34 Forumite
First Anniversary First Post Combo Breaker
in House buying, renting & selling
I am the executor for my late mothers estate and there is a house to sell. I have received an offer and I don't know what to do.

I have received an offer of (say) 100k cash, they can pay immediately but that's well below the asking price.
They are willing to pay (say) another 20k which is near the asking price but they will have to sell there house first.

Sooooooo my question is this. Is there a way that they can pay the 100k so that I don't loose the sale and they don't loose the house and then pay the remaining 20 when their house is sold?

I hope somebody can help.

Thank you
«1

Comments

  • jbainbridge
    jbainbridge Posts: 2,014 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    edited 14 June 2017 at 3:45PM
    What's the rush? If you want to accept their better offer - tell them they have X months to sell their house and complete.

    Are you the sole beneficiary of the estate - otherwise you should be selling it for the best price - not at a discount.
  • ellie27
    ellie27 Posts: 1,097 Forumite
    First Anniversary First Post Combo Breaker
    So would you happily give them the house if they give you £100k cash. And hope that in the not too distant future you get £20k from them? What happens if they don't sell the house?

    Just hold off for a reasonable offer, you should have an idea of what offer would be respectable?
  • glentoran99
    glentoran99 Posts: 5,821 Forumite
    First Anniversary Combo Breaker First Post Debt-free and Proud!
    Would it not be possible to agree the 100k as deposit, and exchange on that basis?
  • parking_question_chap
    parking_question_chap Posts: 2,694 Forumite
    First Anniversary Combo Breaker First Post
    Sounds a lot of hassle and risk. Keep it on the market until they have all the money, or somebody else does.
  • saajan_12
    saajan_12 Posts: 3,621 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    What if they don't ever sell their house? Would you be happy to only get 100k? It's perfectly normal to sell in a chain, so when they find a buyer for their house, everyone does the searches/surveys etc and then exchange on the same day, to complete on the same day. Until they find a buyer and the chain is fully formed, I would leave it on the market if I were you. Go for the highest realistic offer from a proceedable buyer (ie. their property is under offer if they need to sell, they have access to any deposit funds invested elsewhere within a month)
  • Mojisola
    Mojisola Posts: 35,557 Forumite
    Name Dropper First Post First Anniversary
    stu-vfr wrote: »
    I am the executor for my late mothers estate and there is a house to sell. I have received an offer and I don't know what to do.

    I have received an offer of (say) 100k cash, they can pay immediately but that's well below the asking price.
    They are willing to pay (say) another 20k which is near the asking price but they will have to sell there house first.

    Sooooooo my question is this. Is there a way that they can pay the 100k so that I don't loose the sale and they don't loose the house and then pay the remaining 20 when their house is sold?

    If they are serious about wanting the house and already have £100k available, they should be able to raise the other £20k without too much trouble.

    Are you sure they aren't trying it on, hoping that you'll sell for the £100k?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    saajan_12 wrote: »
    What if they don't ever sell their house? Would you be happy to only get 100k? It's perfectly normal to sell in a chain, so when they find a buyer for their house, everyone does the searches/surveys etc and then exchange on the same day, to complete on the same day. Until they find a buyer and the chain is fully formed, I would leave it on the market if I were you. Go for the highest realistic offer from a proceedable buyer (ie. their property is under offer if they need to sell, they have access to any deposit funds invested elsewhere within a month)


    What if this is the highest realistic offer?
  • eddddy
    eddddy Posts: 16,412 Forumite
    First Anniversary First Post Name Dropper
    stu-vfr wrote: »
    I have received an offer of (say) 100k cash, they can pay immediately but that's well below the asking price.
    They are willing to pay (say) another 20k which is near the asking price but they will have to sell there house first.

    Sooooooo my question is this. Is there a way that they can pay the 100k so that I don't loose the sale and they don't loose the house and then pay the remaining 20 when their house is sold?

    The usual thing to do would be say that the offer of £120k is acceptable, but you will leave the property on the market until they've sold their house and are able to proceed.


    Then if somebody else comes along and offers £120k in the meantime, and is able to proceed straight away - you go with them instead.

    Or if somebody else comes along and offers, say, £117k, and is able to proceed straight away - you have a difficult decision to make.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    It will be less stressful just to take the 100k cash and be done with it, before they change their mind. IMO.
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    As an Executer you have a legal duty to get a fair price for the property. Selling it below the market value could leave you open to legal action.

    Have you

    * valued the property properly?
    * valued the Estate?
    * dealt with Inheritance Tax?
    * obtained Probate?

    Get these under control, then look to sell.
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