Selling a house - advertising for more offers

I'm in the process of selling a house for a disceased relative. I'm not the beneficiary and there's a lot of upset that I'm selling it at all, especially in the current financial climate. However, no one seems to want to pay off the mortgage, credit cards, undertakers bill etc, so it has to come from somewhere.

So, it's gone on the market at £20k below what other (well maintained) properties in the area are on sale for (but not selling). I've now been made an offer that's £15k below asking price. I'd be inclined to accept, because the owner basically smashed the place up and it's not in a good way, despite 3 months effort on my part just to clear it and clean it (on my own, with small child in tow). It'd take a couple of thousand to get the place into a basic tidy condition (lining paper in most rooms, paint the whole interior, professional carpet cleaning, retiling bathroom, fitting a few radiators, new kitchen floor lino/tiles, at least 3 mew light fittings) but the place ideally also needs a new front door, some rewiring, a new kitchen. The interest on the mortgage (not frozen) is nearly £500 a month (high interest Ocean finance type mortgage, it's not a massive mortgage).

Problem is, I just know I'm going to get it in the neck if I accept this offer, even though it's been raised twice. It has been suggested to me that I could advertise in the local paper that this offer has been made and invite any more, to cover myself. Apparently it's quite common.

So how would I go about doing this? Is it advisable? Any advice appreciated.

You could look in the back of the papers, they have repo property ads in there which do exactly what you are thinking of doing. Alternitively the papers ads people might know the corrct wording.

Is the place in Kent?


ETA I think I saw an offers invited ad on Rightmove once, but it was only once.

Yes, I was looking for HIP recommendations a few weeks back.

Thanks, I'll see if someone can send me a local paper ( I live 2.5 hours drive away).

The usual practice is to meet about halfway on price - it all depends how desperate each party is to buy/sell. In your case, every two months means £1,000 the beneficiaries won't get.

Don't forget that as Executor you (should be) entitled to charge the Estate a reasonable fee for your time, and certainly out-of-pocket expenses.

ETA - just seem they've raised their offer twice - which implies they want it. Given the overheads, I'd be inclined to take the offer and get rid of the millstone.

You should have just auctioned it, without spending time and effort on it (unless you feel some duty towards the beneficiaries).

Get yourself a lawyer. Seriously.

On the face of it, it sounds like you're doing a good deed in dealing with it, but if you don't cover your backside, it might come back to bite you.

Experience from the other side; finally exchanged on a house which was sold by the executor. He and his family refused a number of fairly generous offers last year - approx 90% of the asking price where the asking price was just over a stamp duty threshold. Move on six months - no offers over the winter, and he's just sold at 80% of the asking price, I suspect just to get shot of it, especially as it's been deteriorating over the winter.

The relatives need to be realistic about what the property is worth, or you are going to be waiting a long time to sell it - might be worth checking what prices properties are actually selling it in the area, not what they are advertised at.

Which, as you have nothing to gain from its sale, is hard to disagree with (although as you say the beneficiaries could indeed grumble at you - how much do you want to stay on good terms?)