No. Executors do not have to accept the first offer, nor the quickest. Their duty is to act reasonably in the estate’s interests. That means looking at the strength of the buyer, the evidence behind the price, the…
No. Executors do not have to accept the first offer, nor the quickest. Their duty is to act reasonably in the estate’s interests.
That means looking at the strength of the buyer, the evidence behind the price, the property’s condition, the likely level of wider demand, and the risks of waiting. A low offer is not automatically offensive. It may simply reflect the buyer pool for that particular asset. Equally, it may be well below what the market would support.
In probate, offers should be assessed calmly, comparatively and with evidence.
Related reading
- How to sell a probate property: a clear step-by-step guide for executors and familiesHow to sell a probate property: a clear step-by-step guide for executors and families/probate-guides/how-to-sell-a-probate-property/
- Probate valuation vs market valuation: what is the difference, and why does it matter?Probate valuation vs market valuation: what is the difference, and why does it matter?/probate-guides/probate-valuation-vs-market-valuation/
- Should you sell a probate property as it is, or spend money on it first?Should you sell a probate property as it is, or spend money on it first?/probate-guides/sell-a-probate-property-as-is-or-improve-it/
- What executors must do to achieve best value when selling a probate propertyWhat executors must do to achieve best value when selling a probate property/probate-guides/executor-duty-to-achieve-best-value/
- What happens if the house sells for more than the probate valuation?What happens if the house sells for more than the probate valuation?/probate-guides/what-happens-if-the-house-sells-for-more-than-the-probate-valuation/
- How to choose the right estate agent for a probate property saleHow to choose the right estate agent for a probate property sale/probate-guides/how-to-choose-a-probate-estate-agent/
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