Modern auction to sell house in poor condition

Mary_Alice

eddddy said:

Mary_Alice said:

I have had several messages from the EA today with 16 viewings booked for next week.

...
They said he would phone me with any offers and guide me to select the best one, but I will be choosing. so how do I chose and what happens next ?

With that much interest, maybe you want to decide on a deadline for offers (e.g. 2 weeks) - and then review all the offers that have come in.

Obviously, the key thing to look at is the amount offered.

But it makes sense to look at "proceedabilty" as well. For example, maybe ignore offers where they say stuff like "my current property isn't on the market yet, but I'm sure it will sell very quickly once it is."


Personally, I wouldn't be too swayed by people who say they can complete super-quickly. I'd be happy to wait an extra 3, 4 or 5 weeks if it meant I'd get an extra £5k.

(And some of the developers might be "friends" with the EA, so be a little cautious if the EA suggests you take a lower offer from a developer.)

Thanks, I am not in a real hurry but setting a time to review the offers is good advice , I will be cautious of low offers from developers as well thank you. 

FreeBear

As an executor, you have a duty to the beneficiaries to get the best value for any asset sold. If it is just yourself and your brother inheriting, then you can make a mutual agreement to go for a slightly lower offer if they can complete quicker than the other potential buyers. But take your time and don't be rushed or pressured in to making a hasty decision.

stuart45

I know an EA who really likes probate sales, and has done really well out of them. He knows that often people will take a lower offer for a quick sale.
Puts pressure on them saying things like the market looks likely to drop, you might get squatters, vandals, house will deteriorate. 
Tells them the feedback is that it's a bit overpriced, then gets an offer for a bit less from his solicitor friend who can complete in a week and do all the paperwork.
Forgets to tell them the solicitor is also a property developer.
When it comes to inherited money people often forget the real value of £5000. It's often quite attractive to have say 150,000 in a week, rather than an extra 5 in 4 months time. However it's the same as losing your wallet with 5 grand in it.

Mary_Alice

stuart45 said:

I know an EA who really likes probate sales, and has done really well out of them. He knows that often people will take a lower offer for a quick sale.
Puts pressure on them saying things like the market looks likely to drop, you might get squatters, vandals, house will deteriorate. 
Tells them the feedback is that it's a bit overpriced, then gets an offer for a bit less from his solicitor friend who can complete in a week and do all the paperwork.
Forgets to tell them the solicitor is also a property developer.
When it comes to inherited money people often forget the real value of £5000. It's often quite attractive to have say 150,000 in a week, rather than an extra 5 in 4 months time. However it's the same as losing your wallet with 5 grand in it.

This why I come on here for advice as i have never sold a house or gone through probate before so i am really naive.... nut now I am educated thanks 

Mary_Alice

Mary_Alice said:

eddddy said:

Mary_Alice said:

I have had several messages from the EA today with 16 viewings booked for next week.

...
They said he would phone me with any offers and guide me to select the best one, but I will be choosing. so how do I chose and what happens next ?

With that much interest, maybe you want to decide on a deadline for offers (e.g. 2 weeks) - and then review all the offers that have come in.

Obviously, the key thing to look at is the amount offered.

But it makes sense to look at "proceedabilty" as well. For example, maybe ignore offers where they say stuff like "my current property isn't on the market yet, but I'm sure it will sell very quickly once it is."


Personally, I wouldn't be too swayed by people who say they can complete super-quickly. I'd be happy to wait an extra 3, 4 or 5 weeks if it meant I'd get an extra £5k.

(And some of the developers might be "friends" with the EA, so be a little cautious if the EA suggests you take a lower offer from a developer.)

Thanks, I am not in a real hurry but setting a time to review the offers is good advice , I will be cautious of low offers from developers as well thank you. 

Well that is exactly what happened ,we has 21 viewings last Monday, 12 on wed, 12 yesterday and a final 4 today. The EA asked to put best and final offer deadline so they can stop more viewings and give the ones who have made an offer the chance to put in a best offer by Monday. After it went to this best offer he said he wouldn't have to contact me with every offer now just the best 3-4 then I can choose. For the condition of the house I was really surprised at how much interest it had. so next will be interesting  I just hope the EA guides me through the offers and what will happen next. I have a solicitor conveyancer in mind but I could use the EA one if it will be easier .

hazyjo

Mary_Alice said:

Mary_Alice said:

eddddy said:

Mary_Alice said:

I have had several messages from the EA today with 16 viewings booked for next week.

...
They said he would phone me with any offers and guide me to select the best one, but I will be choosing. so how do I chose and what happens next ?

With that much interest, maybe you want to decide on a deadline for offers (e.g. 2 weeks) - and then review all the offers that have come in.

Obviously, the key thing to look at is the amount offered.

But it makes sense to look at "proceedabilty" as well. For example, maybe ignore offers where they say stuff like "my current property isn't on the market yet, but I'm sure it will sell very quickly once it is."


Personally, I wouldn't be too swayed by people who say they can complete super-quickly. I'd be happy to wait an extra 3, 4 or 5 weeks if it meant I'd get an extra £5k.

(And some of the developers might be "friends" with the EA, so be a little cautious if the EA suggests you take a lower offer from a developer.)

Thanks, I am not in a real hurry but setting a time to review the offers is good advice , I will be cautious of low offers from developers as well thank you. 

Well that is exactly what happened ,we has 21 viewings last Monday, 12 on wed, 12 yesterday and a final 4 today. The EA asked to put best and final offer deadline so they can stop more viewings and give the ones who have made an offer the chance to put in a best offer by Monday. After it went to this best offer he said he wouldn't have to contact me with every offer now just the best 3-4 then I can choose. For the condition of the house I was really surprised at how much interest it had. so next will be interesting  I just hope the EA guides me through the offers and what will happen next. I have a solicitor conveyancer in mind but I could use the EA one if it will be easier .

Never recommended to use a solicitor associated with the EA. Find an independent one. They're the only people on your side throughout!

jimbog

hazyjo said:

Mary_Alice said:

Mary_Alice said:

eddddy said:

Mary_Alice said:

I have had several messages from the EA today with 16 viewings booked for next week.

...
They said he would phone me with any offers and guide me to select the best one, but I will be choosing. so how do I chose and what happens next ?

With that much interest, maybe you want to decide on a deadline for offers (e.g. 2 weeks) - and then review all the offers that have come in.

Obviously, the key thing to look at is the amount offered.

But it makes sense to look at "proceedabilty" as well. For example, maybe ignore offers where they say stuff like "my current property isn't on the market yet, but I'm sure it will sell very quickly once it is."


Personally, I wouldn't be too swayed by people who say they can complete super-quickly. I'd be happy to wait an extra 3, 4 or 5 weeks if it meant I'd get an extra £5k.

(And some of the developers might be "friends" with the EA, so be a little cautious if the EA suggests you take a lower offer from a developer.)

Thanks, I am not in a real hurry but setting a time to review the offers is good advice , I will be cautious of low offers from developers as well thank you. 

Well that is exactly what happened ,we has 21 viewings last Monday, 12 on wed, 12 yesterday and a final 4 today. The EA asked to put best and final offer deadline so they can stop more viewings and give the ones who have made an offer the chance to put in a best offer by Monday. After it went to this best offer he said he wouldn't have to contact me with every offer now just the best 3-4 then I can choose. For the condition of the house I was really surprised at how much interest it had. so next will be interesting  I just hope the EA guides me through the offers and what will happen next. I have a solicitor conveyancer in mind but I could use the EA one if it will be easier .

Never recommended to use a solicitor associated with the EA. Find an independent one. They're the only people on your side throughout!

^^ hazyjo's advice is spot on

stuart45

. For the condition of the house I was really surprised at how much interest it had. so next will be interesting  

There will always be a lot of interest in a property like yours if people think they can get it cheap.