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Flopsy

Buckinghamshire -" can't " sell a bungalow

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Had a chat to a neighbour today.

He's been trying to sell his Grandafather's bungalow (GF passed away) in the area but no takers. It's been on the market with 2 agents now. Original agent put it on the market for around £320k and there was little interest. They changed agent, put it on for £300 and had a few viewings resulting in an offer of £290 which his siblings insisted on turning down.

My neighbour is fed up, he's been paying the council tax and keeping the garden tidy.

I suggested that he goes back to the person who put in the offer in but for some reason the agent is putting them off this idea.

He's angry at the agent(s) and his greedy siblings. It sounds as if it took a long time for probate to be granted and now  he feels that they have missed out on the best offer to come their way. He thinks that agents having over-priced it is causing the current problem selling plus instilling in his family a distorted idea of what it was worth.

From talking to him it sounds like it will take a long time until the penny drops with the rest of his family.

Edited by Flopsy

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The others should really be paying their share of the council tax.

They really have no idea. The serious dips and "recoveries" in the housing market can take lifetimes. It's not just £290k, it's what you can do with (your share of) it. Then again their greed is likely synonymous with their financial illiteracy.

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2 hours ago, Flopsy said:

My neighbour is fed up, he's been paying the council tax and keeping the garden tidy.

He can charge the costs to the estate.

The prospect of an empty house over winter may focus the greedy siblings minds.

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On 8/22/2017 at 6:23 PM, Flopsy said:

Had a chat to a neighbour today.

He's been trying to sell his Grandafather's bungalow (GF passed away) in the area but no takers. It's been on the market with 2 agents now. Original agent put it on the market for around £320k and there was little interest. They changed agent, put it on for £300 and had a few viewings resulting in an offer of £290 which his siblings insisted on turning down.

My neighbour is fed up, he's been paying the council tax and keeping the garden tidy.

I suggested that he goes back to the person who put in the offer in but for some reason the agent is putting them off this idea.

He's angry at the agent(s) and his greedy siblings. It sounds as if it took a long time for probate to be granted and now  he feels that they have missed out on the best offer to come their way. He thinks that agents having over-priced it is causing the current problem selling plus instilling in his family a distorted idea of what it was worth.

From talking to him it sounds like it will take a long time until the penny drops with the rest of his family.

sell it less than it`s real value what ever that is simple it will go quick 

 

 

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Similar with relatives trying to sell an aunt's house after she went into a care home. 

It soon became apparent that it was overpriced, given that although  it was in a very nice area, London commuter belt, etc., any offers were pretty low.  However the relatives with Power of Attorney who were selling it,  lived hundreds of miles away, didn't know the area at all and believed the estate agent that it was 'worth' £Xk.  

Price was eventually dropped in mini dribs and drabs, more offers turned down, and it finally sold after about a year - to someone who'd offered quite a bit more 6 months previously and been turned down!  

To be entirely fair it wasn't a case of greed - the attorneys felt duty bound to get the best price for the aunt, who was self funded in a care home, came from a long lived family and might have gone on for several  years. 

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I had no idea it took so long to get probate. 3 years in this case! There was a catalouge of errors which he started to tell me about.

Wonder how many other houses there are like this in limbo

 

 

 

 

Edited by Flopsy

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On 24/08/2017 at 2:56 PM, Flopsy said:

I had no idea it took so long to get probate. 3 years in this case! There was a catalouge of errors which he started to tell me about.

Wonder how many other houses there are like this in limbo

 

 

 

 

If this winter is as cold as it could be, lots more houses on the way to next year's market especially due to the large increases in energy prices. 

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On 8/24/2017 at 2:56 PM, Flopsy said:

I had no idea it took so long to get probate. 3 years in this case! There was a catalouge of errors which he started to tell me about.

Wonder how many other houses there are like this in limbo

 

 

 

 

I always thought there were financial penalties awaiting executors who took more than a year to get probate. Someone tell me I'm wrong?

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One route is to offer your siblings the chance to buy you out -

if they think it's worth £320, OK then pay me £145K for my 50% share and if it does sell for £320K you'll get £175K minus selling costs

Just make it very clear they can't grumble if it doesnt sell or if they chase the market down and eventually sell it for £200K in 4 years time.

Arrangements like this are very common, if nothing else it will allow the probate to be wrapped up and they can then sell it, rent it out whatever.

18 minutes ago, juvenal said:

I always thought there were financial penalties awaiting executors who took more than a year to get probate. Someone tell me I'm wrong?

That seems unlikely, the main problem is just that you have a bunch of assets/money that are not being put to productive use.

 

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1 hour ago, juvenal said:

I always thought there were financial penalties awaiting executors who took more than a year to get probate. Someone tell me I'm wrong?

HMRC want the Inheritance Tax in a timely manner.

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Really sorry to hear that, AnneD.  I've experienced this with my wife's family as well and it's really very upsetting, particularly those who give up a lot of their own personal freedom to care for ageing parents.  

I have long since realised that money, or the chance of money, makes people show their true colours and it often isn't pretty.  

I really wish you all the best with your personal health.

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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