Viewing house going through probate

ftb_eastmidlands22

Just to update this thread, I viewed the property today and my initial estimation (having spoken to a family member in construction) of 35-40k was way too optimistic. It’s almost crumbling, pictures did a good job of disgusting a lot of the problems. Lots of mould, leaks, all windows need replacing, chimney needs removing and some repointing (I could go on, I wasn’t expecting so much structural work). If I’m honest I really underestimated it.

@newsgroup_monkey your comment is so accurate, it would be a bottomless pit. 

Turns out it has gone into probate after the property was put on the market (seller passed at Xmas) so that further complicates, i also got the feeling that, understandably, this sale is quite emotional for the beneficiary.

I think given the way the market is at the moment, I’m going to have suck up overpaying for a property if it’s already nicely renovated (just approach it as I would have spent x amount to renovate anyway) 

Fingers crossed I find something (and have an offer accepted!) soon, this process has really drained me over the last 6 months and I’ve barely even touched the surface! 🤞🏽

getmore4less

Executors do not have to get the best price possible with the strict interpretation of highest offer.

It is the best interests of the estate, that can be a lower offer if the sale can be expedited to reduce ongoing costs and administrative effort.

user1977

getmore4less said:

Executors do not have to get the best price possible with the strict interpretation of highest offer.

It is the best interests of the estate, that can be a lower offer if the sale can be expedited to reduce ongoing costs and administrative effort.

Indeed, and I've never understood the (English) practice (by executors and repossessing lenders) of advertising the current offer and inviting higher ones - if that were really the best method of getting the highest price, why don't all vendors do it? There's no specific legal requirement to do it that way. The obligations aren't materially different in Scotland, but the properties are just sold in the standard way.

badger09

user1977 said:

getmore4less said:

Executors do not have to get the best price possible with the strict interpretation of highest offer.

It is the best interests of the estate, that can be a lower offer if the sale can be expedited to reduce ongoing costs and administrative effort.

Indeed, and I've never understood the (English) practice (by executors and repossessing lenders) of advertising the current offer and inviting higher ones - if that were really the best method of getting the highest price, why don't all vendors do it? There's no specific legal requirement to do it that way. The obligations aren't materially different in Scotland, but the properties are just sold in the standard way.

I can understand repossessing lenders doing that as they seek to minimise their loss, but I've honestly never seen a case of an executor doing that. I certainly didn't do it when I administered my late sister's estate a few years ago, nor did my husband when he dealt with his late mum's. 

Where have you seen it?