Can executor and Beneficiary buy the house

Chipz_2

Hi, I am sole executor with 9 beneficiaries from proceeds of house. I would like to purchase the house but what do I need to do to ensure that I am not considered to be doing anything underhanded. I want to pay a fair amount not under and not over but not sure how I approach this. This is in scotland and they operate with offers over so this may cause me further problems. The market is very slow here to. Any advice would be most welcome

mikey72

9 beneficiaries? God help you. No matter what you do you'll never win.
Get several valuations maybe, and go with an avaerage?
Put it on the market, leave it a while, then take it off and match the best offer. (But the estate agent will hate you now)
Do the beneficiaries like you, and would they accept a fair offer, or do they want to wait for as much as possible?

Sailor_Sam

I was a joint executor, with my sister to my Mums will. My mum knew that when anything happened to her, i wanted her house. She wrote in her will that the house was to be valued by a local EA, and i should be given the first option to buy at that price.
When the time came we did'nt get a valuation, but the family all agreed on what it would be, just by knowing what others were going for, so i sold mine, and gave the proceeds to the rest of my family.
There were no problems, someone was going to buy, it just happened to be me. It may have been a bit more difficult if someone had objected though.