Why sell a probate property at auction?

Why sell a probate property at auction?

Dealing with the estate of a loved one who has passed away is often a very sensitive issue. It can make all the difference ensuring that the disposal of any assets is made as simple and pain free as possible.

In our experience probate properties are particularly well-suited for sale by auction. Most people want to sell a property as quickly and efficiently as possible as taxes need to be paid and the beneficiaries share of the estate need to be settled.

Probate properties are also often in need of refurbishment and modernisation. Fixer-uppers always do well at auction, often selling well above guide price to buyers looking for renovation projects and the opportunity to add value. This is the key element to success at auction and furthermore, probate properties are often fresh to the market, adding to their appeal and ultimately the sale price.

Any legal issues will be fully disclosed in the legal information pack well in advance. The availability of legal documents prior to the auction enable prospective purchasers to carry out their due diligence in order to make their best bid for the property on the day.

As we know, executors have a duty of care and certain other responsibilities towards the beneficiaries named within a will.

Public auctions provide a strong selling platform offering complete transparency and fairness throughout the selling process. The principal of transparency of marketing and selling ensures that the executor has achieved the highest possible price in an open market competition.

Upon the fall of the Auctioneer’s gavel contracts are exchanged, and the buyer is obliged to pay a deposit of 10% on the day of the sale, with the remaining 90% payable 20 business days thereafter (unless varied within the Special Conditions of Sale). This deposit is non-refundable and is held by the Auctioneers as stakeholder for the seller.

Ultimately a sale by auction provides a seller with certainty. Contracts are exchanged on the fall of the gavel and is legallybinding for both parties. The process offers a high degree of security and transparency for the executor and beneficiary compared with other more traditional methods of sale.

For further information regarding Land & Property Auction please call Clive Emson Auctioneers on 01273 504232. ■