Executor selling house below market value

elsa1982

Surely it makes more sense to wait longer than 6 weeks and not take first offer?

Yorkshireman99

elsa1982 wrote: »

Hi everyone

My grandfather recently passed away and as we've lost my mother her share of the estate is to be divided between me and my brother and the other half to be given to my Uncle who is the Executor. My grandfather's property has been on the market for 6 weeks at an asking price of £239,500, we found out that he had accepted an offer of £205,00 last week and told him that we were not happy especially because the house has only been on the market for a short while. He has put the property back on the market but has told us that he will be accepting £210,000 to £215,000, we think that its far too early to accept such low offers but we are not sure how much rights we have? Comments appreciated Thank you

THeexecutor should get a RICS valuation for probate under the circumstances particularly if the estate is anywhere near IHT territory. Not to do do might leave the executor open to action. I would explain this in writing to him tomorrowe!

runninglea

elsa1982 wrote: »

Surely it makes more sense to wait longer than 6 weeks and not take first offer?

Yes if the market is buoyant in the area. My mum turned down an offer 16 months ago and now the property is still up for sale. Had to lower asking price to what they were originally offered

runninglea

Have you any plans as to what you are going to do with proceeds.

Brynsam

Yorkshireman99 wrote: »

THeexecutor should get a RICS valuation for probate under the circumstances particularly if the estate is anywhere near IHT territory. Not to do do might leave the executor open to action. I would explain this in writing to him tomorrowe!

A valuation from the estate agent is fine. As for the niece 'explaining' it to her uncle when she doesn't even know what IHT is...poor old uncle!

elsa1982

I know what a troll is though

Yorkshireman99

Brynsam wrote: »

A valuation from the estate agent is fine. As for the niece 'explaining' it to her uncle when she doesn't even know what IHT is...poor old uncle!

You are quite wrong on two counts. Firstly if the estate is close to the IHT level and unless theproperty is put up for auction HMR&C may well query ask the district valuer to value it.. Secondly what grounds do you say she does not understand the term IHT?

BrassicWoman

elsa1982 wrote: »

Ignore my ignorance but what is IHT?

Yorkshireman, I think it's fair to say this post suggests a limited understanding of IHT?


It sucks being an executor anyway, never mind when beneficiaries are grubbing for every extra few quid and drawing out the agony. I feel some empathy for uncle is in order.

elsa1982

brassicwoman we are not looking for the very last penny but for everything my grandfather worked so hard for is not undersold. And i;m sorry but I thought these forums were for people to ask questions on subjects they are not familiar with.

Owain_Moneysaver

A lot of probate sale properties can look rather tired when they come to market, so they can tend to sell slowly and/or below optimum price.

You need to compare it with what other properties have actually sold for in the area and how active the market is.