Probate Sale

Phantomjoy

Sorry if this has been discussed before. I could not find anything in the first 10 pages.

I would like to get the views of people who have been in similar situations or know of similar situations.

OH and i viwed a property that we both liked. The EA said it was a probate sale and it can take a long long time to sell. he also said that the late owner had 5 children but only 3 are beneficiaries. one of the other 3 is also the executor.

what are ur views overall? will i have problems with the 2 non-beneficiary children?
also, do all the beneficiaries have to agree to sale price or is the decision made by the executor?

many thanks.

Marshflower

When my late grandfather's house was sold as part of probate we, as beneficiaries, had no say. All decision making was down to the two executors. I also believe the sale was relatively brief as the ongoing running costs for the house were draining the estate so the executors were keen to get it sold.
While I don't *think* the beneficiaries have any say (am no expert), the situation the EA is describing sounds like a nightmare! 5 kids and only 3 of them as beneficiaries?? Eeek! I don't really see how this will affect the sale unless the 2 non-beneficiaries challange the will. I don't have enough legal knowledge to know how this would affect things - whether it would affect the house sale or just the proceeds of the sale. Hopefully someone on here can give you appropriate advice.

Dan-Dan

If there is only one executor and the house is at market value AND they have the grant of probate.......you should be OK

Davesnave

Dan-Dan wrote: »

If there is only one executor and the house is at market value AND they have the grant of probate.......you should be OK

Exactly. My first house was a probate sale. The executor was 82, not a beneficiary and lived 100 miles away. The sole beneficiary was away with the fairies.

The agent put it up at an attractive guide price, took sealed bids at noon and the whole thing was done and dusted in a week flat.

But there are many instances where the parties cannot agree...

It sounds as if the agent knows something to speak like that, or maybe he knows someone who'd like the property and is trying to put you off!

Phantomjoy

Davesnave wrote: »

Exactly. My first house was a probate sale. The executor was 82, not a beneficiary and lived 100 miles away. The sole beneficiary was away with the fairies.

The agent put it up at an attractive guide price, took sealed bids at noon and the whole thing was done and dusted in a week flat.

But there are many instances where the parties cannot agree...

It sounds as if the agent knows something to speak like that, or maybe he knows someone who'd like the property and is trying to put you off!

funnily enough one of my colleagues said exactly as the last sentence in the quote. I have told the EA that i want the house and he told me what the only offer was. £25k below asking price. the house does require some work but not 25k worth. The EA told me that he has put the offer to the executor and beneficiaries and it was declined flat. they apparently told him that since the house has only been on the market for a week, they would prefer to wait and see,.

i belive the EA is being helpful but u never know. i have told him i am going 5 k above the first offer but he said to me there is no point showing my hand now because he can guarantee that they will say no and they would wait a while more.

we really want the property and the wait is not doing me any good.

nearlyrich

It always amusing me when EAs tell potential vendors what their client (ie the person paying them ) will accept. If I ever sell another house I will not be telling the EA my must get to price.

OP don't be too eager if it's meant for you you will get it and maybe for a better price than if you look desperate to buy.

Phantomjoy

nearlyrich wrote: »

It always amusing me when EAs tell potential vendors what their client (ie the person paying them ) will accept. If I ever sell another house I will not be telling the EA my must get to price.

OP don't be too eager if it's meant for you you will get it and maybe for a better price than if you look desperate to buy.

Hi Nearlyrich. i can assure you that i wont waste money away. i have made it quite clear to the EA that the house needs work and i wont go much further than my offer but in any case keep me informed. about the 25 k below asking price offer, he also told me that the vendors said they were looking for a fair bit more.