Discount When Buying Off Dead People

thequant

I've just viewed a property where the owner died a few days ago, the family already have the property on the market so it looks like they want to cash in as quickly a possible.

I'm FTB, mortgage application has already been underwritten and solicitors in place due to a previous purchase falling through. So have everything in place for a quick sale

What sort of discount should I be expecting from a deceased vendor who is looking to sell ASAP ?

marliepanda

It's not a deceased vendor the property, after probate, will belong to the estate.

They may sell it cheap if they want it gone quick, but they may want it's value so that the beneficiaries get their fair share. If there are debts to settle from the sale they may not be able to sell it cheap.

Basically no more likely to get a discount that any other house sale

BitterAndTwisted

Are you mad or just rather naive?

You cannot buy anything "from a dead person"!

sandsni

Sounds like you're asking how you can rip-off the grieving relatives of a recently deceased family member.

The family may have been well prepared for this unhappy event and have therefore been in a position to put the house on the market quickly, it doesn't mean they're idiots you can take advantage of.

I hope you're a bit more sensitive when it comes to negotiating.

whitewing

Just because the house went on the market quickly doesn't mean that the family aren't heavily grieving. Go too low and you may prompt extreme reactions from the family. Emotions are often raw and irrational. Be fair in your dealings and treat them with respect.

AdrianC

"No onward chain"...

BitterAndTwisted

The executors have to apply for probate. This is not achieved in a matter of days. Meanwhile the family could have a really, really good idea of the property's worth and the rules say that they should not sell below that value. They have a legal responsibility to the beneficiaries to maximise the estate so you may not get the bargain-basement property you are hoping for.

theartfullodger

I've heard there's a curse made on anyone bidding a low price on a deceased's property: They die within 6 months....

Wonder if it's true??

CLAPTON

no way of knowing whether the family is looking to get the max possible and so are in no rush to sell
or they just want to sort everything out asap and will come down in price

globetraveller

the house may have been going on the market anyway- perhaps to pay care home fees for instance?

thequant

The death was unexpected, a total house clearance was organised the next day, house on the market the day after, viewings the day after that.

House was on the market so quick, EA admitted he had no info re. property apart from the address and a set of keys that were dumped in his office.