How to approach a probate sale that's not on the market yet?

kilby_007

Popped around this evening and met one of the neighbours who was lovely, she even showed us around her house and garden! She said they had to buy their property at the asking price the day it went on the market and due to the school and the size of the gardens they're the most desirable houses in the area at that price range. She told me that the old lady who lived there had passed away 3 weeks ago and her kids had been going regularly to clear the place out.

I re-worded the letter to exclude the bits about their mother and the "sorry for your loss" statement because it seemed disingenuous when I read it out loud so I've just stuck to a shortened version of the above. I am really hoping that it doesn't upset them, but I know if it goes on the market we'll end up in a closed-bid scenario again and I don't think my wife can handle the stress again!

kilby_007

NeilCr wrote: »

How long ago was the death?

I was on the other end of this when my mum died. I had a note through from someone else in the block she lived in offering to buy her flat. But it was very soon after the death and it got the wrong reaction. I was furious and upset!.

I think you need to tread carefully

I now know it was 3 weeks ago. Thinking about your situation, the person who offered to buy didn't know you were going to sell it, so they made an assumption. In our case we know they're looking to market it imminently so hopefully it won't offend. I haven't mentioned the fact it's a probate etc in the letter I've just presented them with the opportunity to allow us to view it before they market it. I think that's fair enough. The worst case scenario is they ignore our letter and proceed to market it.

mysterymurdoch

Good luck, but I'd say you've a very slim chance, and certainly no hope of a "bargain". Maybe there'll be a crash by this time next year...

Families selling lost ones houses have expenses and inheritance to think about and are often the most money-minded sellers out there. Desirable family homes near good schools are among the most fiercely won properties on the market.

NeilCr

kilby_007 wrote: »

I now know it was 3 weeks ago. Thinking about your situation, the person who offered to buy didn't know you were going to sell it, so they made an assumption. In our case we know they're looking to market it imminently so hopefully it won't offend. I haven't mentioned the fact it's a probate etc in the letter I've just presented them with the opportunity to allow us to view it before they market it. I think that's fair enough. The worst case scenario is they ignore our letter and proceed to market it.

Well. My mum's flat was in a block for the over 60s so it was pretty much nailed on I was going to sell it.

I think the thing with you is that you've "heard it through the grapevine" which is always a bit iffy. Personally (and I accept that this is a personal thing) I would have preferred it if the people who wanted to buy my mum's flat had spoken to me rather than sent a letter. I completely understand that it is a difficult time for everyone but talking would have been better. And my ex and I were there quite a bit clearing out so the opportunity was present.

I'd leave the sorry to hear about your mother bit in, myself. But I might be inclined to see if I could catch someone when they were there and have the conversation - based on my own experience the letter was a bit cold

I got the flat valued and got the full valuation from the first person who saw it. I know that I just wanted rid so you may well be lucky. But, in their situation, if they are okay about hanging on a while and given what you say about your local market I'd be looking to see what I could get.

moneyistooshorttomention

mysterymurdoch wrote: »

Families selling lost ones houses have expenses and inheritance to think about and are often the most money-minded sellers out there. Desirable family homes near good schools are among the most fiercely won properties on the market.

Would agree with the "desirable family homes etc" sentence.

But the expenses will be coming from the inheritance and would, presumably, be pretty much the same whether the house was a probate one or no. In fact - the owner of the probate house won't be planning on mentally setting to one side the money for removal costs and buying another house (for obvious reasons).

Re the "most money-minded" that factor would surely be influenced by how old the "children" are when they inherit and how fairly the inheritance is being split. Above a certain level then, if the inheritance isn't split fairly, then the less-favoured ones may not be that concerned as to how much it is anyway (because the "blue eyed boy" - rather than themselves - might be getting the lions share and therefore the less-favoured "child" might not be too unhappy to see the house go cheaply, in order that "golden boy" gets less;)).

NeilCr

moneyistooshorttomention wrote: »

Would agree with the "desirable family homes etc" sentence.

But the expenses will be coming from the inheritance and would, presumably, be pretty much the same whether the house was a probate one or no. In fact - the owner of the probate house won't be planning on mentally setting to one side the money for removal costs and buying another house (for obvious reasons).

Re the "most money-minded" that factor would surely be influenced by how old the "children" are when they inherit and how fairly the inheritance is being split. Above a certain level then, if the inheritance isn't split fairly, then the less-favoured ones may not be that concerned as to how much it is anyway (because the "blue eyed boy" - rather than themselves - might be getting the lions share and therefore the less-favoured "child" might not be too unhappy to see the house go cheaply, in order that "golden boy" gets less;)).

Think there are some fair points in here. It does depend on the sellers attitude.

Looking back I could probably have got more for my mum's flat if I had had some viewings. In the end the people who bought it didn't come through an agent and, I know, were desperate for the flat. I saw it as a "win win". I got full market value and no agents fees and, most importantly for me at the time, the flat off my hands - they got the property they wanted. The flats were highly desirable, though, and there could have been a fight for it

Worth saying, as well, that I am the only child and was the executor so didn't have anyone else I needed to consult with etc

getmore4less

kilby_007 wrote: »

Popped around this evening and met one of the neighbours who was lovely, she even showed us around her house and garden! She said they had to buy their property at the asking price the day it went on the market and due to the school and the size of the gardens they're the most desirable houses in the area at that price range. She told me that the old lady who lived there had passed away 3 weeks ago and her kids had been going regularly to clear the place out.

I re-worded the letter to exclude the bits about their mother and the "sorry for your loss" statement because it seemed disingenuous when I read it out loud so I've just stuck to a shortened version of the above. I am really hoping that it doesn't upset them, but I know if it goes on the market we'll end up in a closed-bid scenario again and I don't think my wife can handle the stress again!

has the funeral happened yet(not before that).
Does the lovely lady talk to the relatives etc.

You seem convinced they are going to sell and have got this from someone, send your message(you are interested) back up the same grapevine.


It should be possible to research enough to be able to approach them when they are there,, plenty of the right noises about how much you like the street, know it well, come down it often been looking for a while and was passing etc........

kilby_007

The "grapevine" is a local estate agent that's going to value it next week. For obvious reasons I can't pass a message via them! They didn't actually tell me which house it was so I had to do my own detective work and I've had 2 neighbours confirm it's that house. I live an hour away from the property and I've been 3 times before delivering the letter to try and catch someone there but as the kids don't live there and nobody has any contact info for them or even know their names it's not really plausible that I'm going to be able to speak to them so I've had to post the letter.

I'm not looking to grab a bargain. I'm not sure why people think that is the case. I'm suspicious about the EA involved because I think the last house we wanted went to one of their friends, although it's only a hunch but I believe they pulled a fast one and sold the property before the closing date (before we put in our sealed bid) because it was pulled from rightmove a few days before. If they do get in touch I'm going to suggest that they get it valued and we'll settle on somewhere between the middle and higher of the valuation figures if that works for them.

gettingtheresometime

I have to say if I received a similar note I would make sure you weren't the buyer.

moneyistooshorttomention

kilby_007 wrote: »

If they do get in touch I'm going to suggest that they get it valued and we'll settle on somewhere between the middle and higher of the valuation figures if that works for them.

That sounds fair to me. If someone put a similar proposition to me - then (all else being equal) - I would give it serious consideration. It saves the hassle factor for the executor - and yet, put like that, would indicate to me that the would-be buyer is trying to be fair and I would think "A bird in the hand is worth two in the bush".

Some families take a more "matter of fact" approach to these things than others.