Sibling refusing to drop price.

ReadySteadyPop

ThisIsWeird said:

CottagePotager said:

We inherited an equal share in a house. We are both co executors. Probate was granted and the house has been on the market since March. Sibling insisted the house went on above it's valuation. I agreed just to get it on the market. Not surprisingly no offers were received. We dropped price to probate value after 3 months and then again after another month . Again no offers. Sibling is now refusing to drop price further. Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Can I force sibling to drop price? The stress is making me ill 

First, try your damndest to stop stressing. I have to ask, what are you stressing about? You've inherited a property, so - apart from some sibling irritation - you have been given a significant financial gift you have no real moral entitlement to. So, anticipate, and enjoy your good fortune.
Your sibling seemingly is emotionally involved, which can be understandable, but is allowing this to 'let' them act unreasonably - perhaps intentionally so...
Have you both become 'tenants in common' or 'joint tenants'? I know nothing of this other than what Google has told me, so treat with care.
https://www.homesellingexpert.co.uk/guides/inheriting-a-house-with-siblings#:~:text=Q4.-,Can I or my sibling force the sale of an,at the end of it.
Seems as tho' if you are tic, you can sell your share to a 3rd party. Not suggesting you do this, but it could be quite a lever against your sibling - "If you don't want to sell at its market value and split the proceeds, then I may have to just sell my half, and you'll then be sharing it with a stranger....".
Or, you apply to court for an 'order for sale', tho' not straight-forward as far as I can see. It will likely cost you, but will almost certainly ditto your sibling if they are going to try and (unsuccessfully) defend it. Your sibling doesn't really appear to have a valid case; the house needs to be maintained, possibly done up, but they have no money to contribute to this. So, they have no valid alternative to bring to the table - they are just being stubborn. 
So, place stress and emotion aside, and treat this as a transaction to be resolved.

If it is from a parent I would say you do have a moral right to the financial gift.

ReadySteadyPop

Grumpy_chap said:

ThisIsWeird said:

Have you both become 'tenants in common' or 'joint tenants'? 

I assume the house remains in the Estate of the deceased and will be sold by the Estate and then the proceeds split between the two siblings.
"We inherited an equal share in the house" often means they each get half the sale proceeds, not that they ever each own half the house.  Each owning half the house can bring other complications such as CGT, SDLT surcharges, impact to any means tested benefits...

CottagePotager said:

Grumpy_chap said:

CottagePotager said:

Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Are there any assets in the Estate other than the property?  These should be used to settle ongoing costs rather than your own funds.

Can the IHT be deferred?

Is your sibling aware of the ongoing costs and the fact these effectively reduce the amount that will be realised from the property sale?  Make them aware, also that insurance needs to be maintained om the property and any damage that might occur in cold or storm weather needs to be remedied or will reduce the sale value further.

I've told sibling all this. They are very emotionally attached to the house but wouldn't be able to buy me out. I think they wants to delay the sale .

All cash in the estate will go to the next IHT installment. I'll have to add funds as well

In all reality, there will be no interest in the house (or any house) now until January.

Why not use this time delay as much as you can to your advantage?  
You can set out to your sibling that, if the house is not sold by the end of this year, you are unable to fund any of the ongoing costs and therefore you will require the sibling to fund them. 
You could say you would consider to relinquish your role as Executor, leaving your sibling as sole Executor so they have to deal with it one way or another.
You are being reasonable as you are giving 6-weeks notice of a "crunch-point" to your sibling.

Also, present the sibling with a statement of account every of costs incurred to date to be recovered from the sale proceeds and update every week so that the sibling is absolutely clear how much the total value of the property is being reduced before the remainder is shared between the two of you.

"In all reality, there will be no interest in the house (or any house) now until January."

I wouldn`t really bet on that, Boxing Day is supposedly the biggest number of hits on Rightmove? People are always interested in houses that they like, especially if the price is right, THAT is the key not the time of year.

housebuyer143

ReadySteadyPop said:

Grumpy_chap said:

ThisIsWeird said:

Have you both become 'tenants in common' or 'joint tenants'? 

I assume the house remains in the Estate of the deceased and will be sold by the Estate and then the proceeds split between the two siblings.
"We inherited an equal share in the house" often means they each get half the sale proceeds, not that they ever each own half the house.  Each owning half the house can bring other complications such as CGT, SDLT surcharges, impact to any means tested benefits...

CottagePotager said:

Grumpy_chap said:

CottagePotager said:

Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Are there any assets in the Estate other than the property?  These should be used to settle ongoing costs rather than your own funds.

Can the IHT be deferred?

Is your sibling aware of the ongoing costs and the fact these effectively reduce the amount that will be realised from the property sale?  Make them aware, also that insurance needs to be maintained om the property and any damage that might occur in cold or storm weather needs to be remedied or will reduce the sale value further.

I've told sibling all this. They are very emotionally attached to the house but wouldn't be able to buy me out. I think they wants to delay the sale .

All cash in the estate will go to the next IHT installment. I'll have to add funds as well

In all reality, there will be no interest in the house (or any house) now until January.

Why not use this time delay as much as you can to your advantage?  
You can set out to your sibling that, if the house is not sold by the end of this year, you are unable to fund any of the ongoing costs and therefore you will require the sibling to fund them. 
You could say you would consider to relinquish your role as Executor, leaving your sibling as sole Executor so they have to deal with it one way or another.
You are being reasonable as you are giving 6-weeks notice of a "crunch-point" to your sibling.

Also, present the sibling with a statement of account every of costs incurred to date to be recovered from the sale proceeds and update every week so that the sibling is absolutely clear how much the total value of the property is being reduced before the remainder is shared between the two of you.

"In all reality, there will be no interest in the house (or any house) now until January."

I wouldn`t really bet on that, Boxing Day is supposedly the biggest number of hits on Rightmove? People are always interested in houses that they like, especially if the price is right, THAT is the key not the time of year.

But how many really translate into viewings and sales? I believe it's mostly bored people browsing Rightmove, rather than a sudden huge influx of new buyers.

Grumpy_chap

ReadySteadyPop said:

"In all reality, there will be no interest in the house (or any house) now until January."

I wouldn`t really bet on that, Boxing Day is supposedly the biggest number of hits on Rightmove? People are always interested in houses that they like, especially if the price is right, THAT is the key not the time of year.

Well, in the context of my post taken as a whole, that really seems like splitting hairs.
This house (or any house) is very unlikely to sell now before Christmas if it is not already under offer.  Whether someone sees it on Rightmove on Boxing Day or New Years Day is largely immaterial and does not change the essence of what I was saying.
How many EAs are open between Christmas and New Year?
How many house viewings do they arrange in those few days?

Murphybear

housebuyer143 said:

ReadySteadyPop said:

Grumpy_chap said:

ThisIsWeird said:

Have you both become 'tenants in common' or 'joint tenants'? 

I assume the house remains in the Estate of the deceased and will be sold by the Estate and then the proceeds split between the two siblings.
"We inherited an equal share in the house" often means they each get half the sale proceeds, not that they ever each own half the house.  Each owning half the house can bring other complications such as CGT, SDLT surcharges, impact to any means tested benefits...

CottagePotager said:

Grumpy_chap said:

CottagePotager said:

Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Are there any assets in the Estate other than the property?  These should be used to settle ongoing costs rather than your own funds.

Can the IHT be deferred?

Is your sibling aware of the ongoing costs and the fact these effectively reduce the amount that will be realised from the property sale?  Make them aware, also that insurance needs to be maintained om the property and any damage that might occur in cold or storm weather needs to be remedied or will reduce the sale value further.

I've told sibling all this. They are very emotionally attached to the house but wouldn't be able to buy me out. I think they wants to delay the sale .

All cash in the estate will go to the next IHT installment. I'll have to add funds as well

In all reality, there will be no interest in the house (or any house) now until January.

Why not use this time delay as much as you can to your advantage?  
You can set out to your sibling that, if the house is not sold by the end of this year, you are unable to fund any of the ongoing costs and therefore you will require the sibling to fund them. 
You could say you would consider to relinquish your role as Executor, leaving your sibling as sole Executor so they have to deal with it one way or another.
You are being reasonable as you are giving 6-weeks notice of a "crunch-point" to your sibling.

Also, present the sibling with a statement of account every of costs incurred to date to be recovered from the sale proceeds and update every week so that the sibling is absolutely clear how much the total value of the property is being reduced before the remainder is shared between the two of you.

"In all reality, there will be no interest in the house (or any house) now until January."

I wouldn`t really bet on that, Boxing Day is supposedly the biggest number of hits on Rightmove? People are always interested in houses that they like, especially if the price is right, THAT is the key not the time of year.

But how many really translate into viewings and sales? I believe it's mostly bored people browsing Rightmove, rather than a sudden huge influx of new buyers.

I had a friend who had a beautiful “chocolate box” thatched cottage in the middle of Devon.  She tried to sell it in the winter.  There were many many people looking at it online but most were just being nosy* or bored and filling their time. She sold it to a property developer for cash after a while.  

* yes, I’ve done this myself

ThisIsWeird

Albermarle said:

Seems as tho' if you are tic, you can sell your share to a 3rd party.

You can, but I do not think there would be a queue of buyers.

You are right. But possibly a good threat.

Doozergirl

ThisIsWeird said:

Albermarle said:

Seems as tho' if you are tic, you can sell your share to a 3rd party.

You can, but I do not think there would be a queue of buyers.

You are right. But possibly a good threat.

It isn't.  Have you ever seen half a house for sale?  I haven't.  

ThisIsWeird

Doozergirl said:

ThisIsWeird said:

Albermarle said:

Seems as tho' if you are tic, you can sell your share to a 3rd party.

You can, but I do not think there would be a queue of buyers.

You are right. But possibly a good threat.

It isn't.  Have you ever seen half a house for sale?  I haven't.  

No, I haven't. But does it happen? Can it happen? Would the prospect of owning half the family house with a stranger be a welcome one to the sibling?
The OP has a few options, but none seem particularly easy if their sibling really refuses to budge, and solicitor's costs will almost certainly need to be borne should they try. So, the 'exasperated threat' of just selling their half could be persuasive.
Have you read my first post for context? As I said, "I'm not suggesting you do this, but..."

Hoenir

CottagePotager said:

Grumpy_chap said:

CottagePotager said:

Unfortunately sibling has no funds to help maintain the house (bills, IHT) so I'm going to have to pay that 

Are there any assets in the Estate other than the property?  These should be used to settle ongoing costs rather than your own funds.

Can the IHT be deferred?

Is your sibling aware of the ongoing costs and the fact these effectively reduce the amount that will be realised from the property sale?  Make them aware, also that insurance needs to be maintained om the property and any damage that might occur in cold or storm weather needs to be remedied or will reduce the sale value further.

All cash in the estate will go to the next IHT installment. I'll have to add funds as well

How much interest is accruing daily on the outstanding debt ? 

Grumpy_chap

ThisIsWeird said:

Doozergirl said:

ThisIsWeird said:

Albermarle said:

Seems as tho' if you are tic, you can sell your share to a 3rd party.

You can, but I do not think there would be a queue of buyers.

You are right. But possibly a good threat.

It isn't.  Have you ever seen half a house for sale?  I haven't.  

No, I haven't. But does it happen? Can it happen? Would the prospect of owning half the family house with a stranger be a welcome one to the sibling?
The OP has a few options, but none seem particularly easy if their sibling really refuses to budge, and solicitor's costs will almost certainly need to be borne should they try. So, the 'exasperated threat' of just selling their half could be persuasive.
Have you read my first post for context? As I said, "I'm not suggesting you do this, but..."

It really is not a "threat" or "persuasive".

The OP stated upthread that the sibling cannot afford to buy them out.
That, presumably, means buy them out at around half of the open market value for the property.

If the OP tries to sell the 50% share, the value realised will be a very small fraction of the true half open market value.
Maybe the sibling would buy out at that small fraction value, then sell the whole very quickly and turn a fantastic profit.
I have no idea what the sibling's character is, maybe that is the plan, to force the OP to sell the half undervalue to the sibling...

There could be a strategy here, if the sibling can buy out the OP at near (say 90%) of the value.  
Sibling values the property at more than the OP.
The OP could offer to sell the 50% to the sibling at 90% (of half) of the sibling's valuation.  The "discount" would reflect simple transaction, ne EA fees, etc...