Execs cant agree house price

Markp1984

Hi everyone, my Dad is an executor, along with his 2 brothers.

The Property has been listed at 185 for 3 months, in that time it's only had a dozen views and one offer, of 160.

Dad values it roughly at 155 to 160,so readily accepted the offer, the other 2 execs didn't. In the last week the 2 estate agents involved suggested moving the price down 5k (to 180)due to feedback about condition and location and the overall lack of interest.

Dad agreed, the others don't. This process hasnt been good from the start with several issues, the other 2 executors have been "gifted" all sorts from the house without any evidence, tv, computer, jewellery, anything of value. My Dad however just wants out, the property has major roofing issues and it would be great to sell it and not have a headache of it all.

They don't live near us, we don't see them face to face and they seem avoidant if they get a question on WhatsApp they don't like. We don't want things getting more silly and stressful. I thought maybe an independent valuation or mediator might help, but I'm not certain which, if either, i should get him to suggest first?

Thanks for any help at all.

flaneurs_lobster

Do we assume that the three brothers are also the sole beneficiaries of the property sale?

Reed_Richards

How about if your dad agrees to take £50k (or a bit more) to buy-out his share of the house? I'm assuming the three brothers each inherit a 1/3 share of the house.

Baldytyke88

A relative used the Modern Method of Auction, which provides speed and security for everyone
involved, and is trusted by over 7,000 Estate Agency branches across the UK. The house was rather run down and fetched less than a valuation a couple of years previously.

It sold for £230k, when it was valued by an estate agent at £250k; but that was the estate agent, not a real valuation. I advertised it locally, the auction starting price was £175k but it sold for £230k

https://www.iamsold.co.uk/

If they cannot agree, an auction is a good way to sell, the fees were £6k paid by the buyer, better to sell for £160

Markp1984

https://forums.moneysavingexpert.com/discussion/comment/82087301#Comment_82087301

Just about, 3 other distant relatives get 1k each. Thanks

Markp1984

https://forums.moneysavingexpert.com/discussion/comment/82087367#Comment_82087367

Excellent suggestion, much appreciated.

Markp1984

https://forums.moneysavingexpert.com/discussion/comment/82087316#Comment_82087316

Yes my Dad would definitely like that, and maybe they'll think it's good value enough to purchase for themselves or to resell. I'll suggest it, ty very much.

elsien

https://forums.moneysavingexpert.com/discussion/comment/82087367#Comment_82087367

I have heard rather less complimentary things said on here about the modern method of auction, although that possibly applies more to buyers rather than sellers. As a buyer, it would put me off. I’m not up for paying a hefty nonrefundable deposit.

Is that little summary AI derived by any chance, because it certainly doesn’t give the full picture.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82087408#Comment_82087408

Ask your question on the "House buying, renting & selling" board…. the consensus there is MMA is not a good idea. (an understatement, if anything)

The buyer pays the fees, but many buyers will take that into account in what they are willing to offer.

If people are not interested because the property is overpriced then don't expect to get £185k via MMA… which still leaves the issue of getting the other two executors to agree to accept lower offers.

otb666

If its anything like the one we are trying to complete a sale on its not going to fetch top dollar as generally it does not get maintained in final decades and everything is old and worn. I think you have to value it accordingly as generally everything needs to be done on it.

We originally lost ours buyers as they both lost their buyers 10 months later and week of exchange twice. We have now sold to developer who is in a smaller chain and can handle work needed and hopefully wont get cold feet. We also had a lot taken from house but now they are stuck with a loft full of worthless stuff which did not turn out to be valuable at all.

Next step will be auction route(if this sale fails) and know we will have to list it 10% less. But you have to compare that against what you are losing in running costs and council tax becomes applicable after 6 months and doubles after a year.

In your case surely the other brothers can see the running costs reducing the estate monthly. And would rather have 53k now than wait and receive 57k deducting £3k say a years running costs from 60k

Running costs include weekly visits required by insurance. Insurance Standing charges on gas electric water Council tax it all adds up and surely if other brothers can see this is a bind they will as I say prefer 53k to 57k later. If it takes a couple of years to complete a sale they would have been able to make that in interest anyway.

p00hsticks

https://forums.moneysavingexpert.com/discussion/comment/82087367#Comment_82087367

THere's a big difference between a traditional auction and the 'modern Method of Auction' - most buyers will avoid the latter like the plague, as I bleieve it involves them coughing up money up front with no guarantee that their offer will be accepted.