Execs cant agree house price

mta999

I have never experienced modern method of auction but my understanding is that you don't have to pay anything to actually bid - it is only if you win that you have to pay a fee

Markp1984

https://forums.moneysavingexpert.com/discussion/comment/82087734#Comment_82087734

Absolutely agree about running costs, which is part of the reason my dad is very eager to get out, between the various fees, not to mention inflation and opportunity cost of having it all tied up it makes so much sense to at least try move the property on in a timely manner. Unfortunately they just won't speak about this, anything to do with that, they don't reply. It's rather strange. Thanks for the reply.

user1977

https://forums.moneysavingexpert.com/discussion/comment/82087794#Comment_82087794

Except "winning" isn't like a traditional auction where both parties are immediately bound into a contract - there's still a process to then agree a contract, and if the parties don't exchange, it's the estate agent who pockets the initial fee.

gwynlas

I am surprised that EA suggested a drop in price of £5k as it mkes such little difference.

Any potential buyer can see what the state of the place is and make a bid accordingly which with an asking price of £185k could be £150k upwards.

This could then be reduced further as being subjedt to survey.

Properties are taking a long time to sell at the moment so your father might as well sit tight and wait for other executors to get realistic

Baldytyke88

https://forums.moneysavingexpert.com/discussion/comment/82087462#Comment_82087462

The description is from the auction website. If it were easy to sell a house, it would have been sold already.

Albermarle

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

I will make a small amendment to your comment below:

 and is trusted liked by over 7,000 Estate Agency branches across the UK, as it is an easy moneyspinner for them.

RAS

For me it's a deal breaker. If an EA offers MMA, they'll not get my business. I can't think of a single real advantage to the vendor or buyer.

MMA deters a good percentage of potential buyers which reduces the market, negating the value of reduced fees. And it extracts fees from buyers who don't know enough about the complications, regardless of whether they complete or fail.

Obviously there are those here who have bid property, only on condition the purchase is not MMA. But less informed buyers don't know they can do that.

Savvy_Sue

https://forums.moneysavingexpert.com/discussion/comment/82087903#Comment_82087903

Is one option to the failure to reply to say that "assuming I do not hear from you by (date), I shall do X"?

Or does he need signatures, which are not forthcoming?

Dead_keen

Is one option to the failure to reply to say that "assuming I do not hear from you by (date), I shall do X"?

Fortunately not!

I think the ultimate option for this sort of disagreement between executors is to go to the court and ask it what should be done. The court might approve the sale, remove an executor or say something else. The court will want plenty of evidence as to what's what. So negotiations / mediation will be sensible but if the toys can't be put back in the pram, that's the way forward.

Spendless

Maybe thats the answer. A message saying as the 3 of us are unable to agree, the next step is to involve the courts to decide the way forward. The costs for this will be around £xxxx which will need to be taken from the estate once sold.

They cant be refusing to reply at all because they reply to say 'no' when an offer they dont wish to take comes along.