Executor Sale

Executor sale with price advertised at 500K. 10 Beneficiaries of the will. Been on the market for 2.5 years. Initial offer of 600K fell through for some reason. No offers since.

Thinking of offering 200K.

Opinions please and advice on strategy!

BTW, dont want to post house details for obvious reasons!

Offer away. But don’t expect to get an answer anytime soon. There’ll be a couple of them who want to take the money and run. Others will have a vested interest in getting more. Some have borrowed against this for their own needs, others have pissed the money away on trips to Old Trafford.

The dividing lines have already set in that family - somewhere in between the greedy/needy bunch and the practical/desperate bunch there exists a magical number that all 10 will agree to sell for. This number probably does not correlate with the house’s true value.

Unless you’re feeling flathulach, your offer is just going to set off fireworks in the family. Find a house with 1 or 2 beneficiaries instead.

i’d say not a chance. You are asking 10 people to agree to take 20K each instead of 50K.

How high will you consider going before you’re out?

If 200k will be your first, last and final offer, I’m not sure it’s worth putting on the table for a 500k house

If however, you think that a final price of something say towards 300k would still represent value and something you might be prepared to go to, then you’re in a different situation.

TBH, I dont think negotiation is a good strategy here. Every change in price would take weeks and weeks to agree. I think best is to just think of max that I am willing to pay for the house and then offer that, take it or leave it.

Blackdog - I’d say at this stage, a lot of them would be glad to get anything (or maybe I’m wrong??)

jammyBastard - interesting points. Hmm, maybe better to stay out…

Re your point to Blackdog…

My thought would be that nobody is unaware whats happening in the housing market. Therefore if they wanted to sell quickly they would have priced to sell quickly. They don’t seem to be in a rush.

If you want to pay 200K then offer 200K and wait it out. Tell EA that you wish to keep lines of communication open and would appreciate being updated as to developments.

ahhhh, big families, my guess is that they are fighting like bag of cats.

There will most likely be a large camp of the opinion that things are getting worse and ‘take what we can while we can’.
There will be people in denial thinking we are turning the corner and the market will shoot up soon.
The remainder just want the fighting to stop.

It’s the person(s) in denial that will be your down fall, they will fight your offer not just because it’s low but they will fight it more because accepting will mean they have to concede that the other, most likely older, relation is correct.

I am surprised that it has not gone to auction, it would seem the most sensible route.

edit spelling

you some to be suggesting that the ‘older’ irish person is more sensible about property…

the same people who brought us the investment property, that priced so many FTBs out of the market for so long…

you sure about that?

sorry for going off topic.

Any chance you know any of the people involved? Or someone close to them? You might be able to find out if they have a bottom line, without going and upsetting them all unnecessarily if they’ve come to an agreement on it.

I was a beneficiary once, in much better times (we got 30% over asking in 2007, for derelict property in Co Mayo, despite the only competing bid being at the asking … mad, Ted), and it was still stressful enough as we’d all done the holidays, credit cards etc that needed clearing. People were thinking about what they’d have left of their share after previous excess, not what their share was. There’s a long run between a death and probate, and think about what has happened this country in the intervening years since this bereavement. They’ve gone from Mr Deeds to Juno and the Paycock.

You might get the house cheap, but formal negotiation, as you say, might not be the way to do it. If this is outside of the cities, then back-channels are the way to go to get a guideline price. People do things differently out the country. We had a fella offering us money for a (probably illegal) option on our property before the estate was settled. We’d another fella (dodgy head on him) wanting a look inside in advance of it coming to the market, presumably to see if the fireplaces were worth robbing.

Ok, so if you are not keen on going down the negotiation route and want to offer max up front, then am I right in assuming that 200k is your max?

If so, nope, I woulnd’t bother putting that on the table for a 500k house at this stage

if the place is still around after the budget comes home to roost and after the price database is up and running, then maybe

Some good advice there JammyB. Yes, it is rural and I do know some of the beneficiaries. Might be best to have a casual chat and guage what the appetite is before going down any fully formal route.

Yep, I dont think its worth more than 200K. Thanks for the advice. Maybe better to wait until the new year.

Nope, this is purely in relation to family dynamics, especially large families. When i say older I mean it in the context of the relative ages on the family members, they might still be quite young, middle aged or indeed old.

Have you spoken to the EA? I’ve recently had an offer accepted in similar circumstances. Asking price was unrealistic, but I spoke to EA, let them know I had knowledge of the local market (other similar houses I had made offers on). Told them I was interested, but didn’t want to waste everyones time so got some feelers of where they were at. Learned that the EA was pressuring vendor to reduce asking price, and got an idea of what that would be. There was a bit of toing-and-froing but we managed to agree a price in the end that was substantially below their original asking price.

Please feel free to give some of us lowballers some hope by telling us what percentage below original asking price. :smiley:

B

More than 35%, but they had come down a bit before my first offer. It took about 6 weeks from when I first viewed to getting agreement. I had made offers on other houses and been outbid, so I knew what I was prepared to pay.

To be honest, I think with a realistic asking price, there would have been more interest, and I would have had to pay more. Two houses I was outbid on sold above asking price.

Does that mean you’re out of the hunt in the D14 area, Pinky?

:wink:

Yes, hopefully so long as the survey doesn’t show up anything unexpected! That house is in D14.

As a matter of interest…in the general scheme of things, is an executor sale what should one look for, if one is hoping to get a bargain…that is to say for 10%-20% below the going rate, whatever that may be…

In other words, if you were open minded about the house, but were price sensitive, should one concentrate on executor sales…