probate issue on property

[percypineapple]

If a house is on the market but is under a probate issue, who decided to sell it, and who would value it? would this be down to a solicitor?
Thanks,
Percy.

[baza]

probably the executor of the will, or whoever is doing those duties.

[woofgang]

The executor(s) would be the only one(s) who could decide to sell it and I think they would have a really hard time doing that if it had specifically been left to one or more beneficiaries (not the value of the house, the actual house)
The executor has a duty to do the best they can for the estate, so unless they actually were in the property business, they should be getting advice on how much to sell it for. Executore responsibility is a personal thing. If they dont abide by the testator's wishes or otherwise misbehave, they can be liable to make up any loss to the estate.

[baza]

a distant relative ( lived miles away ) died the local solicitor got the nearest estate agent to value the property, when the family found out and queried the value it suddenly went up in value from £9000 to £19000. The estate agents said the lower price was to get a quick sale.

[FredPuli43]

This is Barmaid's territory ! Hope she turns up soon. Meanwhile,what is the probate issue?

[Shilam]

When my father passed away recently I just looked in Zoopla to see what an equivalent house in the road sold for and gave half of that figure to the solicitor.
The total estate was just about into the inheritance tax level but I found that my fathers share of the house was rounded down by 10% because if a house is jointly owned by somebody other than the spouse this is allowed by law.
Combining this and the fact my mothers inheritance allowance was not fully utilised when she passed away I did not have to pay any inheritance tax.

Sheila

[ubasses]

http://www.lastingpos...probate_valuation.pdf

The above may help re the valuation.

[cathfromsaron]

under these circumstances, it has been known for houses to be undervalued and sold 'on the nod' within certain circles, so executors should statisfy themselves of the value before selling!

[percypineapple]

The situation is that an offer has been made for the full asking price, but the offer has not been accepted ( this is third property down a chain) I just wonder why, or should the agent sit on it in case a higher offer is made?

[woofgang]

Are you talking about the estate agent? Their duty is to pass on all offers to the seller, in this case the executor.

[percypineapple]

Hi Woofgang,

We don't know who is not accepting the offer ( which is mostly cash) but its 2 down the chain and our estate agent or solicitor have not been able to give an answer, but we will push again today.

[woofgang]

Now I am confused even further...hopefully Percy, you aren't. Its place in the chain is not relevant to whether or not an offer is accepted unless the person who has the authority to sell believes that the prospective buyer is not really in a position to proceed. Its shouldn't be anything to do with the estate agent at all whose job is to market the house and pass all offers on to the seller.

[FredPuli43]

The executors have only a duty to realise the property at a proper price at the time. They decide, on professional advice . The estate agent ought to tell them of all offers, even some joker's ludicrous one. It's up to them whether they, having been advised, decide to accept. They are never going to be held liable if they do that in good faith. That there's a chain, or the buyer may need finance etc are factors in weighing up whether to hold on or not, but it is better to act promptly; there are limits on how long executors can delay in winding up an estate, undue dilly-dallying is not to be encouraged! In the instant case I'm wondering why they wouldn't', if they're minded not to, accept the full price offer. They are not closed to offers and selling to someone else in the meantime if the buyer can't complete or shows no sign of being able to do so, or changes their mind etc