Probate sales

WeAreGhosts

it's getting really annoying that I keep coming across properties that are probate sales but they are seriously overpriced!

i realise the executors want the best they can get and they probably have no reason to sell quickly, but the house i viewed yesterday was, in my view & the estate agents, overpriced by about 60k!
and apparently the executors wanted to put it on for 25k more!

i like the house i viewed yesterday, but how should i go about putting in a (what they will consider) really low offer? i mean we're talking 60k less than they want ...

would it wreck our chances for negotiation if we go in too low?

or should i sit and wait and see what other people do (we were only second to view it)?

anselld

How are you assessing market value?

WeAreGhosts

Property is £325k, 3 beds, nothing in the street or the next street (with comparable properties) have sold for more than £300k in last 10 years. apart from next door which sold in 2007 for £310, but it was move in condition (the one i am looking at isn't).

The one i am looking at has structural problems to the garage and front elevation, needs rewiring, new bathrooms, has polystyrene ceilings and a LOT of decorating to do.

In general in the same town I could get a 4 bed new built for just 10 grand more, but slightly less land.

anselld

Fair enough, I would probably just tell the agent you are interested if and when they come to a more sensible position on pricing and wait and see.

WeAreGhosts

anselld wrote: »

Fair enough, I would probably just tell the agent you are interested if and when they come to a more sensible position on pricing and wait and see.

that's a good idea, thanks. i will do it tomorrow

G_M

Sellers can pitch their price at whatever they want. If they are in no hurry to sell (and they may have a delay built in by the probate process), and especially if the property is in some way idiosyncratic (like my late mum's!), then why should they not wai and see if someone will be keen enough to make a high offer.

You're right - make a very low offer and they'll just ignore. But as ime passes, they may decide o lower the price, so if you're in no hurry, then wait.

WeAreGhosts

G_M wrote: »

Sellers can pitch their price at whatever they want. If they are in no hurry to sell (and they may have a delay built in by the probate process), and especially if the property is in some way idiosyncratic (like my late mum's!), then why should they not wai and see if someone will be keen enough to make a high offer.

You're right - make a very low offer and they'll just ignore. But as ime passes, they may decide o lower the price, so if you're in no hurry, then wait.

I totally accept that anyone would want to get the highest price they could and do a "wait and see" game, but they're still having to maintain it and pay council tax (furniture is still in it).

Have told the agent that we would be v. interested if it was a more sensible price, and also pointed out that a four bed detached (1 bed more), on a nearby street went for 50k+ less last week, and you could have moved straight into that one. she said that was "interesting". so we shall wait and see.

Missus_Hyde

WeAreGhosts wrote: »

Have told the agent that we would be v. interested if it was a more sensible price, and also pointed out that a four bed detached (1 bed more), on a nearby street went for 50k+ less last week.

My late mother's house is going on the market within the next couple of days and we've already had a request to view it before it's actually been for sale.

I'm afraid that if a prospective buyer said they could buy a larger house for less money, I would simply say "Fine, go ahead and buy that one then and don't waste my time".;)

WeAreGhosts

fair enough. it's swings and roundabouts though, isn't it?

the one that went for 50k less has large bedrooms but on a smaller plot and was in move-in condition.
the one i'm looking at has smaller bedrooms, on a larger plot, but needs modernising and has structural problems.
the one i am looking at fits our needs, the other one didn't. so i wouldn't go buy it

i don't think a larger plot commands a 50k hike in price & i'm not talking acres here!

G_M

WeAreGhosts wrote: »

I totally accept that anyone would want to get the highest price they could and do a "wait and see" game, but they're still having to maintain it and pay council tax (furniture is still in it).

.

Not so. My late mother's house is council tax exempt as it is unoccupied following death (even though furnished).

http://www.harrow.gov.uk/info/200173/exemptions/211/class_f-unoccupied_because_former_owner_has_died

The water company has also waived all charges until it is either sold, or re-occupied by family. That just leaves gas/electricity which is minimal due to very low use.

WeAreGhosts

G_M wrote: »

Not so. My late mother's house is council tax exempt as it is unoccupied following death (even though furnished).

http://www.harrow.gov.uk/info/200173/exemptions/211/class_f-unoccupied_because_former_owner_has_died

The water company has also waived all charges until it is either sold, or re-occupied by family. That just leaves gas/electricity which is minimal due to very low use.

ah. the EA said they were having to pay council tax. either he doesn't know what he is talking about or they haven't informed the right people.
thinking about it though, it's probably the former as the EA was hopeless.