What to offer when a solicitor is executing the sale in lieu of next of kin?

Notnefmail

Hi,

We have seen a property that we like in a very fast moving market -we were fortunate enough to be among the first viewers yesterday.

We are first time buyers (no chain) with plenty of funds to proceed with the sale, however the property will require some substantial work.

The predicament I'm pondering is this: the solicitor has indicated that he is looking for a speedy settlement so that he can put the sale proceeds towards the beneficiary entitlements in the will that he is executing.

We are in a very strong buying position, however it's an aggressive buyer's market (outstanding school catchment area, general competitive Manchester market conditions).

The property is listed at £225k, Does the fact that a solicitor is executing the deal give me more cheekiness to play with in my offer (versus, say, a family selling)?

And if so - what's the community thoughts on the magic number. It's in a small village with few recent sales -so benchmarking is quite difficult.

Thanks

Alter_ego

Executors are obliged to get the best possible deal for the beneficiary.

theartfullodger

Alter_ego wrote: »

Executors are obliged to get the best possible deal for the beneficiary.

But "Best" does not just mean price. As in this case, speed and not needing mortgage/surveys/delays may be to your & his advantage.


Write a calm, polite, letter, if necessary with proof (eg of funds..) outlining why your big is good. Deliver it to solicitor today, sit back & hope.


Was solicitor there yesterday at viewing? Or is this just the selling agent wanting a quick sale. Think I'd try to get communication direct with solicitor (or from your solicitor to them) 1st before sending letter.

davidmcn

I would treat it just like any other seller who claims to want a quick sale (which I think you can presume if the property's empty).

Also bear in mind that even if there's a professional executor, they are likely to be liaising with the family about marketing so in practice any offers will probably be passed on to them for approval anyway.

dunroving

You could ask the solicitor if they are going to use a best and final offer system (where everyone gives the best *and final* offer on a given date), or are they simply inviting bids and then negotiating.

I'd assume the former, in which case emphasising your financial situation in your offer letter is very important.

Also, potentially include in your offer a letter a brief explanation why you want that house; anything that the beneficiaries might relate to (ask that the offer and its contents be passed to beneficiaries, or at least executor).

I'm completing on a house today that was the property of a recently deceased couple. My offer was for cash, with no chain, £10k above asking (but as I later found out, not the highest bid). I think some of what I wrote might have helped me to be the successful bidder, and definitely didn't hurt.

Notnefmail

Superb advice as always, thank you everyone

jedthehumanoid

We're in a similar situation but in a slower moving market. House has been up for 6 weeks and as far as we know we have made the only offer, at least that's the impression the EA gave, and the solicitor is looking for a quick sale so that they can distribute funds. Just waiting to hear back as the solicitor is communicating with the family regarding the offer.


We have offered a fair bit below asking price but the house is definitely over priced looking at recent sales and what else is available in the area. We thought 10% below was a good starting point and the offer wasn't dismissed out of hand.