Advice on offering on a probate sale
Discussion
A house has come up in our area which we're viewing today, we weren't planning on moving any time soon but would move if we got this one (ours isn't on the market yet). It's up for 500k which is 70-100k below what the same property would go for if it wasn't 1990 inside (current owners purchased new and haven't done any decoration since).
I have only ever purchased our current house 7 years ago so not that experienced - just after a bit of advice on how to approach making an offer. It's been on the market 2 weeks now, had viewings but no offers, apprarntly viewers didn't want to take on the work.
We could afford asking price which isn't an unfair price, however any money we could get off would be money towards the work required.
Ideally I'd want to put an offer get it accepted then get ours sold quickly at a competitive price, I don't want to "upset" the children of the deceased by lowballing and putting them off us (does this happen?), but also would like a nice deal. My ideal scenario would get an offer accepted quickly to avoid anyone else bidding.
I have only ever purchased our current house 7 years ago so not that experienced - just after a bit of advice on how to approach making an offer. It's been on the market 2 weeks now, had viewings but no offers, apprarntly viewers didn't want to take on the work.
We could afford asking price which isn't an unfair price, however any money we could get off would be money towards the work required.
Ideally I'd want to put an offer get it accepted then get ours sold quickly at a competitive price, I don't want to "upset" the children of the deceased by lowballing and putting them off us (does this happen?), but also would like a nice deal. My ideal scenario would get an offer accepted quickly to avoid anyone else bidding.
I wouldn’t worry too much about upsetting the sellers. Selling the house is basically business, not personal. Messing a seller or buyer around once an offer has been accepted is a much easier way to upset a smooth business transaction!
Therefore, if the sellers are happy with the offer they will accept and if not, they won’t. Simple. It’s very unlikely they will black ball you from making a second offer based on a rejected first offer.
Buying a house though is I think a bit more personal than business. The question I always ask is: do I really want this house (same goes for cars) so much that I’d be pissed off if I miss out on it and it sells at or around - including above - asking? If I do and I think it is fairly priced, then I offer a sum that I think will be sufficiently attractive to the sellers for them to accept. In short: grab the deal early doors.
Depending on how much I want it, I may be prepared to be pushed upwards, but there comes a point at which I will think that no matter how much I want it, it’s not worth the asking price.
Therefore, if the sellers are happy with the offer they will accept and if not, they won’t. Simple. It’s very unlikely they will black ball you from making a second offer based on a rejected first offer.
Buying a house though is I think a bit more personal than business. The question I always ask is: do I really want this house (same goes for cars) so much that I’d be pissed off if I miss out on it and it sells at or around - including above - asking? If I do and I think it is fairly priced, then I offer a sum that I think will be sufficiently attractive to the sellers for them to accept. In short: grab the deal early doors.
Depending on how much I want it, I may be prepared to be pushed upwards, but there comes a point at which I will think that no matter how much I want it, it’s not worth the asking price.
Phateuk said:
A house has come up in our area which we're viewing today, we weren't planning on moving any time soon but would move if we got this one (ours isn't on the market yet). It's up for 500k which is 70-100k below what the same property would go for if it wasn't 1990 inside (current owners purchased new and haven't done any decoration since).
I have only ever purchased our current house 7 years ago so not that experienced - just after a bit of advice on how to approach making an offer. It's been on the market 2 weeks now, had viewings but no offers, apprarntly viewers didn't want to take on the work.
We could afford asking price which isn't an unfair price, however any money we could get off would be money towards the work required.
Ideally I'd want to put an offer get it accepted then get ours sold quickly at a competitive price, I don't want to "upset" the children of the deceased by lowballing and putting them off us (does this happen?), but also would like a nice deal. My ideal scenario would get an offer accepted quickly to avoid anyone else bidding.
You're currently in no position to negotiate. Any offer you make will be meaningless. No seller in their right mind would take the house off the market after an offer from you.I have only ever purchased our current house 7 years ago so not that experienced - just after a bit of advice on how to approach making an offer. It's been on the market 2 weeks now, had viewings but no offers, apprarntly viewers didn't want to take on the work.
We could afford asking price which isn't an unfair price, however any money we could get off would be money towards the work required.
Ideally I'd want to put an offer get it accepted then get ours sold quickly at a competitive price, I don't want to "upset" the children of the deceased by lowballing and putting them off us (does this happen?), but also would like a nice deal. My ideal scenario would get an offer accepted quickly to avoid anyone else bidding.
Get your house on the market tomorrow with the agents selling the house you want to buy and start talking with the agent. Let them know why yours is going on the market and that they'll lose your sale if you don't get to buy the probate house.
Phateuk said:
I've heard some horror stories about that... We're not in a rush to actually move, but would like to "secure" it - is that affected by being in probate?
How exactly do you plan on 'securing' it? Do you have the cash available to purchase the property, or do you need to sell yours to finance it? If you need to sell yours, then you arent securing anything. All you are doing is telling the seller that you'd like to buy it. Will you go into rented accomodation when your buyers get fed up of waiting for the probate to be settled?I have just been the executor of an estate which has including a property. Luckily this sold quickly but also needed internal work to update.
As an executor you have an obligation to obtain a fair price, but being aware that delay has come implications in terms of lost interest and ongoing house maintenance costs.
If I were the executor of the property you are seeking to buy, I would find a lowball offer hard to accept unless you were in a position to buy quickly. Ie. Have no property to sell.
If I were the seller, on receiving a lowball offer, I would consider (after a sensible period) reducing the asking price to attract a range offers, then pick the one most likely to succeed.
You seem to have done your homework on the fairness of the asking price, so an offer of that may give you the best chance of getting accepted.
As an executor you have an obligation to obtain a fair price, but being aware that delay has come implications in terms of lost interest and ongoing house maintenance costs.
If I were the executor of the property you are seeking to buy, I would find a lowball offer hard to accept unless you were in a position to buy quickly. Ie. Have no property to sell.
If I were the seller, on receiving a lowball offer, I would consider (after a sensible period) reducing the asking price to attract a range offers, then pick the one most likely to succeed.
You seem to have done your homework on the fairness of the asking price, so an offer of that may give you the best chance of getting accepted.
peterfield781 said:
JQ said:
You're currently in no position to negotiate. Any offer you make will be meaningless. No seller in their right mind would take the house off the market after an offer from you.
.
What absolute twaddle. And I thought the EV threads excelled at posting nonsense. .
The problem with buying a house subject to probate is the delay in actually getting probate.
Completion cannot be until probate has been granted. Chances are that probate hasn’t been applied for yet, and it could take several months. One case I know probate was applied for in June and has still not been granted.
From your point of view this gives you time to sell your house!
However you need to exchange asap to prevent the executors seeking a higher price once probate granted! I believe it is possible for occupation to be taken prior to probate being granted by form of a lease.
Completion cannot be until probate has been granted. Chances are that probate hasn’t been applied for yet, and it could take several months. One case I know probate was applied for in June and has still not been granted.
From your point of view this gives you time to sell your house!
However you need to exchange asap to prevent the executors seeking a higher price once probate granted! I believe it is possible for occupation to be taken prior to probate being granted by form of a lease.
JQ said:
Phateuk said:
A house has come up in our area which we're viewing today, we weren't planning on moving any time soon but would move if we got this one (ours isn't on the market yet). It's up for 500k which is 70-100k below what the same property would go for if it wasn't 1990 inside (current owners purchased new and haven't done any decoration since).
I have only ever purchased our current house 7 years ago so not that experienced - just after a bit of advice on how to approach making an offer. It's been on the market 2 weeks now, had viewings but no offers, apprarntly viewers didn't want to take on the work.
We could afford asking price which isn't an unfair price, however any money we could get off would be money towards the work required.
Ideally I'd want to put an offer get it accepted then get ours sold quickly at a competitive price, I don't want to "upset" the children of the deceased by lowballing and putting them off us (does this happen?), but also would like a nice deal. My ideal scenario would get an offer accepted quickly to avoid anyone else bidding.
You're currently in no position to negotiate. Any offer you make will be meaningless. No seller in their right mind would take the house off the market after an offer from you.I have only ever purchased our current house 7 years ago so not that experienced - just after a bit of advice on how to approach making an offer. It's been on the market 2 weeks now, had viewings but no offers, apprarntly viewers didn't want to take on the work.
We could afford asking price which isn't an unfair price, however any money we could get off would be money towards the work required.
Ideally I'd want to put an offer get it accepted then get ours sold quickly at a competitive price, I don't want to "upset" the children of the deceased by lowballing and putting them off us (does this happen?), but also would like a nice deal. My ideal scenario would get an offer accepted quickly to avoid anyone else bidding.
Get your house on the market tomorrow with the agents selling the house you want to buy and start talking with the agent. Let them know why yours is going on the market and that they'll lose your sale if you don't get to buy the probate house.
BlackTails said:
I wouldn’t worry too much about upsetting the sellers. Selling the house is basically business, not personal. Messing a seller or buyer around once an offer has been accepted is a much easier way to upset a smooth business transaction!
Therefore, if the sellers are happy with the offer they will accept and if not, they won’t. Simple. It’s very unlikely they will black ball you from making a second offer based on a rejected first offer.
Buying a house though is I think a bit more personal than business. The question I always ask is: do I really want this house (same goes for cars) so much that I’d be pissed off if I miss out on it and it sells at or around - including above - asking? If I do and I think it is fairly priced, then I offer a sum that I think will be sufficiently attractive to the sellers for them to accept. In short: grab the deal early doors.
Depending on how much I want it, I may be prepared to be pushed upwards, but there comes a point at which I will think that no matter how much I want it, it’s not worth the asking price.
Thanks for the tips - yes it's fairly priced IMO, I wouldn't want to pay much over asking - obviously under would be nice. If we didn't get this we'd not be interested in moving from our place at the moment as nothing else of interest has come up in a while. I was thinking of offering maybe 480k initially to test the water but wouldn't object to actually paying the 500 for itTherefore, if the sellers are happy with the offer they will accept and if not, they won’t. Simple. It’s very unlikely they will black ball you from making a second offer based on a rejected first offer.
Buying a house though is I think a bit more personal than business. The question I always ask is: do I really want this house (same goes for cars) so much that I’d be pissed off if I miss out on it and it sells at or around - including above - asking? If I do and I think it is fairly priced, then I offer a sum that I think will be sufficiently attractive to the sellers for them to accept. In short: grab the deal early doors.
Depending on how much I want it, I may be prepared to be pushed upwards, but there comes a point at which I will think that no matter how much I want it, it’s not worth the asking price.
Phateuk said:
JQ said:
Phateuk said:
A house has come up in our area which we're viewing today, we weren't planning on moving any time soon but would move if we got this one (ours isn't on the market yet). It's up for 500k which is 70-100k below what the same property would go for if it wasn't 1990 inside (current owners purchased new and haven't done any decoration since).
I have only ever purchased our current house 7 years ago so not that experienced - just after a bit of advice on how to approach making an offer. It's been on the market 2 weeks now, had viewings but no offers, apprarntly viewers didn't want to take on the work.
We could afford asking price which isn't an unfair price, however any money we could get off would be money towards the work required.
Ideally I'd want to put an offer get it accepted then get ours sold quickly at a competitive price, I don't want to "upset" the children of the deceased by lowballing and putting them off us (does this happen?), but also would like a nice deal. My ideal scenario would get an offer accepted quickly to avoid anyone else bidding.
You're currently in no position to negotiate. Any offer you make will be meaningless. No seller in their right mind would take the house off the market after an offer from you.I have only ever purchased our current house 7 years ago so not that experienced - just after a bit of advice on how to approach making an offer. It's been on the market 2 weeks now, had viewings but no offers, apprarntly viewers didn't want to take on the work.
We could afford asking price which isn't an unfair price, however any money we could get off would be money towards the work required.
Ideally I'd want to put an offer get it accepted then get ours sold quickly at a competitive price, I don't want to "upset" the children of the deceased by lowballing and putting them off us (does this happen?), but also would like a nice deal. My ideal scenario would get an offer accepted quickly to avoid anyone else bidding.
Get your house on the market tomorrow with the agents selling the house you want to buy and start talking with the agent. Let them know why yours is going on the market and that they'll lose your sale if you don't get to buy the probate house.
A competent EA would not allow their client to accept your offer until your house is sold and the full chain complete.
I'm currently helping sell my father's house and we're currently on our 3rd full asking price offer from people who had not yet sold their house. The house is a dream house to many, and so has attracted many people like yourself who were happy in their own home. The first 2 offers fell away as the buyers couldn't sell their houses for what they needed to make it work. The house needs gutting. 3rd offer came in last week and they placed their house on the market this week. At no point have we taken it off the market, as until a buyer has a secured sale they don't have the money to buy.
Phateuk said:
Thanks for the tips - yes it's fairly priced IMO, I wouldn't want to pay much over asking - obviously under would be nice. If we didn't get this we'd not be interested in moving from our place at the moment as nothing else of interest has come up in a while. I was thinking of offering maybe 480k initially to test the water but wouldn't object to actually paying the 500 for it
I wouldn't worry about putting an offer in but the executor has an obligation to get a fair price for it and may decide to hold out. It all depends if it's a desirable quick to sell property and area. If the market where you are is slow then they should give the offer fair consideration as they are still shelling out for ongoing costs.When we sold via probate we were in no rush and so could hold out for the right buyer but that included the right sort of buyer. It was our family home and we wanted it to go to another family rather than, say a developer or BTL buyer so you may push that angle as well. You'll also have to satisfy yourself with the condition of the property as the sellers may not know stuff like boiler certificates and expect a few 'don't knows' on the property forms.
As above, expect it to take longer to complete as well especially if waiting for probate.
Thanks for all the helpful replies so far 
Viewing in an hour so will have some more info from the EA then.
The ongoing maintenance is an interesting point, the gardens are reasonably sized and are already looking quite overgrown in the advert.
When my wife's grandmother passed, her mother wanted to sell the house quickly to get the situation over with, the grandmothers late husband side of the family wanted to hold out for the highest price and kept it on the market way too high for a year, by which time the house had developed a damp issue and ended up selling below the original estimate to a builder to take on the work.
Viewing in an hour so will have some more info from the EA then.
The ongoing maintenance is an interesting point, the gardens are reasonably sized and are already looking quite overgrown in the advert.
When my wife's grandmother passed, her mother wanted to sell the house quickly to get the situation over with, the grandmothers late husband side of the family wanted to hold out for the highest price and kept it on the market way too high for a year, by which time the house had developed a damp issue and ended up selling below the original estimate to a builder to take on the work.
Sounds like it's already realisitically discounted to account for the updating needed, if it's just kitchen and bathroom refits plus redecoration.
But such houses may be attractive to people who want to extend or re-model, as you're not wasting money by ripping out perfectly good stuff.
There's a big difference between being chronically old fashioned, and needing work before you can get a mortgage on it.
If it's not mortgageable, then the vlaue drops dramatically, to allow a builder a reasonable profit.
If you can get a big mortgage on it, a DIYer can make a good saving and get what they want.
Some people put houses on the market before probate is granted, some wait.
Probate takes 3 or 4 months, selling a house takes 2 to 5 months (?), plenty of scope for a bit of overlap.
It can be a bit catch-22 if IHT is involved, you need to pay that to get probate, you don't always know the real value of a house until you've sold it....
Probate houses can be prime gazumping territory. Vendors are well placed to take an extra few £k and exchange quickly if a cash buyer comes along.
But such houses may be attractive to people who want to extend or re-model, as you're not wasting money by ripping out perfectly good stuff.
There's a big difference between being chronically old fashioned, and needing work before you can get a mortgage on it.
If it's not mortgageable, then the vlaue drops dramatically, to allow a builder a reasonable profit.
If you can get a big mortgage on it, a DIYer can make a good saving and get what they want.
Some people put houses on the market before probate is granted, some wait.
Probate takes 3 or 4 months, selling a house takes 2 to 5 months (?), plenty of scope for a bit of overlap.
It can be a bit catch-22 if IHT is involved, you need to pay that to get probate, you don't always know the real value of a house until you've sold it....
Probate houses can be prime gazumping territory. Vendors are well placed to take an extra few £k and exchange quickly if a cash buyer comes along.
In my recent experience, buying a property which is subject to probate being granted is a pain in the arse.
We were initially interested in the property and put an offer in when the owner was still with us (but in a care home), got ours on the market, but didn't have a buyer. We lost out to someone else who did have a buyer.
Roll on a few months, the buyer had exchanged contracts, unfortunately the property owner then died. Roll on another month or so, person pulled out because it was going to take ages to sort out. Anyway, that's the back story.
So agent contacts us (we still had our buyer in play), offer made and accepted. Probate had not been granted, but we were assured that it had been applied for. This was April 2023.
Months passed, promises made that it wont be much longer, then more promises, interest rates went north, our buyers could no longer afford it, pulled out, so back on the market. Little interest because of the state of the market at that time, had to drop our asking price.
Dec 2023, no grant of probate but we had secured a buyer and their circumstances, thankfully meant they were very willing to wait, actually suited them. We were advised not to exchange until probate granted. Did negotiate a reduction, as we had to do that.
Finally probate was granted in Feb I think, we completed end of April. Overall, from our first viewing, more than 18 mths. We do believe that this was mostly down to the incompetance of the sellers solicitor, who was dealing with the probate.
We were initially interested in the property and put an offer in when the owner was still with us (but in a care home), got ours on the market, but didn't have a buyer. We lost out to someone else who did have a buyer.
Roll on a few months, the buyer had exchanged contracts, unfortunately the property owner then died. Roll on another month or so, person pulled out because it was going to take ages to sort out. Anyway, that's the back story.
So agent contacts us (we still had our buyer in play), offer made and accepted. Probate had not been granted, but we were assured that it had been applied for. This was April 2023.
Months passed, promises made that it wont be much longer, then more promises, interest rates went north, our buyers could no longer afford it, pulled out, so back on the market. Little interest because of the state of the market at that time, had to drop our asking price.
Dec 2023, no grant of probate but we had secured a buyer and their circumstances, thankfully meant they were very willing to wait, actually suited them. We were advised not to exchange until probate granted. Did negotiate a reduction, as we had to do that.
Finally probate was granted in Feb I think, we completed end of April. Overall, from our first viewing, more than 18 mths. We do believe that this was mostly down to the incompetance of the sellers solicitor, who was dealing with the probate.
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