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Selling at auction - pros/cons?

3 replies

Greydog · 12/01/2023 19:18

As the title says! My friend died recently, her house was put up for sale, and was sold. Then came the bad weather, a burst water tank, ruined rooms, and the sale lost. There has been a lack of action from the executor, and whilst I don’t have any legal clout to do anything I’ve arranged a meeting with him to ask what is going on. The estate agent has taken it off the market until it’s “sorted out” I don’t even know if insurance will cover it, as I imagine my friends house insurance died with her. For all concerned I think it would be best to get rid. I’d like to be able to go into a meeting armed with information that I can give to the executor as to why they should take this step. Any advice, please?

OP posts:
dollymixtured · 12/01/2023 19:39

Why in earth is it any of your business. You are not the executor, it is nothing to do with you.

littlelandlord7 · 12/01/2023 19:49

I've sold at auction before and often bidding to buy. It sounds the perfect type of property for an auction and will attract the right type of buyers.

You will have some upfront costs such as an auction fee to list and costs for searches/legal pack prep however if you have a realistic reserve it's likely to sell. You can change the reserve depending on interest leading up.

Likely will achieve lower than the open market value.

Depending on where the property is located you could choose a local auction house or a big London one.

FTStheFirstTimeSeller · 12/01/2023 19:55

Unless you friend left you proceeds from sale in her will I also can't see what your involvement is like first pp

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