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  • FIRST POST
    • stu-vfr
    • By stu-vfr 14th Jun 17, 2:58 PM
    • 5Posts
    • 0Thanks
    stu-vfr
    Selling a house question.
    • #1
    • 14th Jun 17, 2:58 PM
    Selling a house question. 14th Jun 17 at 2:58 PM
    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
Page 1
    • jbainbridge
    • By jbainbridge 14th Jun 17, 3:01 PM
    • 1,678 Posts
    • 1,081 Thanks
    jbainbridge
    • #2
    • 14th Jun 17, 3:01 PM
    • #2
    • 14th Jun 17, 3:01 PM
    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.
    Last edited by jbainbridge; 14-06-2017 at 3:45 PM.
    • ellie27
    • By ellie27 14th Jun 17, 3:05 PM
    • 1,084 Posts
    • 719 Thanks
    ellie27
    • #3
    • 14th Jun 17, 3:05 PM
    • #3
    • 14th Jun 17, 3:05 PM
    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
    • By glentoran99 14th Jun 17, 3:13 PM
    • 4,299 Posts
    • 3,142 Thanks
    glentoran99
    • #4
    • 14th Jun 17, 3:13 PM
    • #4
    • 14th Jun 17, 3:13 PM
    Would it not be possible to agree the 100k as deposit, and exchange on that basis?
    • parking_question_chap
    • By parking_question_chap 14th Jun 17, 5:13 PM
    • 1,258 Posts
    • 1,011 Thanks
    parking_question_chap
    • #5
    • 14th Jun 17, 5:13 PM
    • #5
    • 14th Jun 17, 5:13 PM
    Sounds a lot of hassle and risk. Keep it on the market until they have all the money, or somebody else does.
    • saajan_12
    • By saajan_12 14th Jun 17, 6:07 PM
    • 469 Posts
    • 295 Thanks
    saajan_12
    • #6
    • 14th Jun 17, 6:07 PM
    • #6
    • 14th Jun 17, 6:07 PM
    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
    • By Mojisola 14th Jun 17, 6:13 PM
    • 27,633 Posts
    • 70,209 Thanks
    Mojisola
    • #7
    • 14th Jun 17, 6:13 PM
    • #7
    • 14th Jun 17, 6:13 PM
    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?
    Originally posted by stu-vfr
    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
    • By Crashy Time 14th Jun 17, 7:13 PM
    • 4,256 Posts
    • 1,988 Thanks
    Crashy Time
    • #8
    • 14th Jun 17, 7:13 PM
    • #8
    • 14th Jun 17, 7:13 PM
    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)
    Originally posted by saajan_12

    What if this is the highest realistic offer?
    • eddddy
    • By eddddy 14th Jun 17, 7:46 PM
    • 4,650 Posts
    • 4,312 Thanks
    eddddy
    • #9
    • 14th Jun 17, 7:46 PM
    • #9
    • 14th Jun 17, 7:46 PM
    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?
    Originally posted by stu-vfr
    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
    • By Crashy Time 14th Jun 17, 10:13 PM
    • 4,256 Posts
    • 1,988 Thanks
    Crashy Time
    It will be less stressful just to take the 100k cash and be done with it, before they change their mind. IMO.
    • G_M
    • By G_M 14th Jun 17, 10:25 PM
    • 39,690 Posts
    • 45,211 Thanks
    G_M
    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.
    • Quizzical Squirrel
    • By Quizzical Squirrel 14th Jun 17, 11:38 PM
    • 103 Posts
    • 3,942 Thanks
    Quizzical Squirrel
    Is this potential buyer someone you already know and trust?

    Because otherwise it sounds like your standard estate sale vulture to me. I've seen them in action several times now and this fits the pattern.
    • csgohan4
    • By csgohan4 15th Jun 17, 7:26 AM
    • 3,497 Posts
    • 2,184 Thanks
    csgohan4
    I smell a scam, Op don't get taken for a ride, sell it at market price, don't be rushed
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Davesnave
    • By Davesnave 15th Jun 17, 8:36 AM
    • 22,391 Posts
    • 87,045 Thanks
    Davesnave
    In the immortal words of Obi Wan Kenobi, "This is not the buyer you're looking for...."
    Working subliminally.
    • stu-vfr
    • By stu-vfr 15th Jun 17, 3:05 PM
    • 5 Posts
    • 0 Thanks
    stu-vfr
    Thank you for your replys. Very helpful ��
    • ReadingTim
    • By ReadingTim 15th Jun 17, 3:12 PM
    • 1,583 Posts
    • 2,253 Thanks
    ReadingTim
    Putting aside the legal implications arising from an executor not getting a fair price for the property, and the fact that the plan sounds and smells like a scam, no, OP, you can't have your cake and eat it.

    Ultimately, this is an example of delayed gratification: does one take a smaller amount now, or a larger amount at some point in the future?
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