Charity Sale

[Aswa9066]

Hi all,

Does anyone have anyone have any experience with probate charity sales?

Originally, we put in an offer of 610 for a property listed at 625 as it needs a lot of work doing on it.

The estate agent advised the charity had asked for best and final offers so we upped ours to 620.

We aren’t yet proceedable but have someone speaking to their mortgage advisor to see how much they can afford who is interested in purchasing our house.

From anyone’s experience, how much would prospective buyers usually offer on a charity property?

From anyone’s experience, how much would prospective buyers usually offer on a charity property?
I'd offer the same as on a non-charity property. It's worth (to me) what it's worth.

From the other side, the Charity will be hard-nosed. They have to maximise the value due to Charity / Trust law.

why do you think a charity would be "cheap"
quite the reverse, the people processing it will have no emotional baggage on the property so will be looking at your offer in purely commercial terms.
Are you at least as proceedable as the next person who has offered around what you have, of not they will go with who is best value (most money in reasonable time frame without requiring extra admin.

I didn’t think it would be cheap at all. I had just read online that quite often people offer over the guide price which we have not done as so much work needs doing on the property. To put it in to context, it is a 2 bed property outside of London that needs everything done to it so I don’t think an offer of 620 is unreasonable at all

Thank you! 😊 in that case I think we have offered right.

What a strange way of thinking about this.
A property is worth what you or someone else is prepared to pay for it. That doesn’t make it right or wrong, under or over, a good deal or over priced. Just because a property needs work doesn’t make it worth less that what it is advertised at!

A 2 bed out of London also tells us nothing either.

The way you write my concern would be your comprehension of the property and what is actually required and if this is a suitable property for you to buy.

Having previously overseen disposals of unwanted properties on behalf of a housing association, it really was about a) the Board being satisfied that they had achieved maximum market value and b) management selecting for the most proceedable transaction.

And honestly, we usually preferred no-chain cash buyers and developers: the former because it cut out chain problems and the possibility of a lender valuing down, and the latter because they were dispassionate, and less likely to begin trying to haggle down at a later stage when the survey came back.

Your offer isn’t “unreasonable” but I’d also be prepared for you not to be seen as the most attractive candidate, particularly if you have a property of your own to sell and aren’t even on the market yet.