Viewing house going through probate

ftb_eastmidlands22

Hi All, 

I'm viewing a house going through probate at the weekend and had some queries i thought this group could shed some lights on!
The property has been up for sale since early Oct 2021, it was marked Sold STC not longer after but for the last month or so i've noticed that is no longer the case so i've called the EA to check and arrange a viewing. EA confirms that it was Sold STC and the buyers dropped out due to finding another property, since then there have been a few "cheeky" offers but non accepted as the solicitor needs to sign off on it. 

Does this sound like a repossessed house? I have very little knowledge on the probate process but i feel like this sounds like a right hassle, especially as i would probably significantly under offer as the house itself needs some serious work! Houses in the area sell for the asking price of this one but they are much more modern (which i appreciate mortgage lenders don't really care about when valuing but it would take a decent chunk of cash to get this property up to scratch). I haven't really even been considering a serious renovation project but i'm at my wits end with the current market so i'm trying to expand my criteria/expectations (single FTB, big deposit, budget is currently 180-200K). 

Are there any other reasons a solicitor would need to sign off on an offer? and if it's repossession am i right in thinking that the bank would allow gazumping to keep getting the highest price possible?

Thanks

JGB1955

If the solicitor is acting as executor for the estate, he has to get the 'best' price possible for selling any assets.

Alter_ego

Could be the solicitor is the executor, therefore has to obtain best price for the beneficiares

jenni_fer

We viewed a property going through probate at the weekend and made an initial offer on Monday. The estate agent is having a video call with the 2 parties on Friday to discuss the multiple offers, we expect it'll go to best and final next week.
Slow going is my experience!

The solicitors will have to make sure they are getting the best price /acting in the best interests of the estate.

canaldumidi

Check whether probate has been granted yet. But yes, if a solicitor is the Executor of the deceased's Estate, then he has a legal duty to get the est price possible. (indeed any Executor has this duty whether a solicitor or not).

As for the price, decide in your own mind what you think the property is worth to you, and don't offer more than that!

dimbo61

Probate not repossessed.
Someone has died and the estate is being wound up and property sold. 
Solicitor will know nothing about the house !
When was the boiler serviced !
Electrics ?
Neighbour disputes ?
Boundary lines !
So when you view don't be surprised if the Estate agents know nothing either.
Take photos of the boiler and electrics.
Count the sockets in each bedroom, kitchen, dinning room etc.
Outside lights, alarm ?
Plastic or metal fusebox, modern RCB,s 
New kitchen ?
New bathroom ?
How is the roof and gutters ?
How well has the property been looked after ?

ftb_eastmidlands22

Thanks all that's really helpful! If I like it fingers crossed the beneficiaries will allow the solicitor to accept a lower offer to get things moving (given its been on for 4 months!) 

Thrugelmir

ftb_eastmidlands22 said:

Thanks all that's really helpful! If I like it fingers crossed the beneficiaries will allow the solicitor to accept a lower offer to get things moving (given its been on for 4 months!) 

Probate takes time to be granted. There'll have been no immediate rush. 

dimbo61

The solicitor is under a legal obligation to get the best price for the property.
If is also common that " family " expect more than a run down property is worth.

Thrugelmir

dimbo61 said:

The solicitor is under a legal obligation to get the best price for the property.
If is also common that " family " expect more than a run down property is worth.

Run down properties often offer huge redevelopment potential. 

newsgroupmonkey_

Thrugelmir said:

dimbo61 said:

The solicitor is under a legal obligation to get the best price for the property.
If is also common that " family " expect more than a run down property is worth.

Run down properties often offer huge redevelopment potential. 

And of course they can be bottomless pits.
Drives me up the wall when I see a run down house that’s got £10k off the full potential price when it’s going to cost £30k to bring it up to scratch.