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What are an executor’s duties when there is a property to sell?
An executor must act in the best interests of the estate and its beneficiaries. Where an estate includes a property, that means weighing speed, certainty and net proceeds against the cost of holding an empty house. Selling directly is one route among several, and it is not always the right one.
Executors carry legal responsibility for the estate, and the property is usually the part that takes longest and causes the most difficulty. Selling it directly is one route of several, this page sets out when it fits, when it does not, and what we look at.
Why executors do it
Why do executors sell probate property directly?
A direct sale removes four things that slow an estate down or put the price at risk.
- A long marketing period
No viewings, no open-market listing, and no waiting on a buyer who then has to find a lender.
- Renovation before sale
Nothing needs repairing, clearing or decorating first, so the estate does not fund work on a property it is trying to dispose of.
- Agent commission
No percentage comes off the price, because there is no agent in the chain.
- A chain that can collapse
We buy with our own funds. There is nobody behind us whose sale can fall through and take yours with it.
When it fits
When does selling to a direct buyer make sense?
- The property needs work
Disrepair narrows the pool of buyers who can get a mortgage, which quietly closes off the open market before you have chosen anything.
- It has stood empty a while
A vacant house costs the estate every month and deteriorates faster than an occupied one.
- The estate needs to settle
An IHT deadline, a mortgage still running, or beneficiaries waiting on distribution all favour a fixed date over the best possible price.
- Beneficiaries want cash
A house cannot be divided between several people. Cash can be.
- It is hard to market
Title defects, unusual construction, a sitting tenant, or a listing that has already failed once.
If none of these apply, the property is in good order, the estate is not under time pressure, and the beneficiaries agree, the open market will usually achieve more, and we will say so.
Condition
Can a probate property be sold as it stands?
Yes, and most of the ones we buy are. Many inherited homes need repairs or updating before they would sell on the open market, and spending estate money on that work carries its own risk with no guaranteed return.
We buy in current condition, including properties still full of belongings, and cover the cost of clearance.
Valuation
How does Augusta evaluate a probate property?
Five things decide the figure. None of them is a blanket discount for the property being inherited.
- Where it is
The street and the local market, not a regional average. Two houses of the same size a mile apart do not carry the same value.
- What condition it is in
Assessed as it stands, including the problems. A property needing work is priced for the work, not excluded for it.
- Local demand
What is actually selling nearby and how long it is taking. A slow local market changes what any route can realistically achieve.
- What it would cost to put right
Repairs, clearance and modernisation, costed properly rather than guessed at, because that figure is the difference between the routes.
- Comparable sales
Real completed sales of similar properties, which is the only figure that can be checked. Asking prices are not evidence of anything.
The process
What does the buying process involve?
Tell us about the property
The postcode and roughly what condition it is in. If you know where you have got to with probate, that helps, but you do not need it to start.
We review it
We assess the property against real local market data and its actual condition, rather than applying a blanket discount to anything inherited.
You get a written offer
With no obligation attached. If we think another route would serve the estate better, we say so at this point rather than after you have committed.
You choose the completion date
We work to the estate’s timetable, not ours. Nothing can complete before the grant of probate is issued, whichever buyer you use.
Executor duties
What is an executor actually responsible for here?
Executors must manage estate assets responsibly and treat beneficiaries fairly. On a property sale, that comes down to three things.
- Get it valued properly
More than one valuation, because probate, inheritance tax and market value are not automatically the same number.
- Compare the routes
Being able to show why the chosen method was reasonable matters as much as the price achieved.
- Make sure the estate gets fair value
The duty is to the estate and its beneficiaries as a whole, not to whoever is loudest.
The probate property process covers the wider duties stage by stage.
Questions
What do executors ask most about direct buyers?
Do executors have to sell through an estate agent?
No. An agent is one route of three, alongside auction and a direct buyer. What matters is that the executor can show the route chosen was reasonable for the estate, which usually means having compared them.
Are direct property buyers legitimate?
Most operate professionally, but the standard varies. Ask for proof of funds, get everything in writing before agreeing, and be wary of any buyer who reduces the price late without a substantive reason.
How quickly can a property be sold?
Nothing completes before the grant of probate is issued, whichever route you take. After that, a direct buyer is the most predictable because there is no lender and no chain to wait on.
Read next
Where can executors read more?
The executor’s checklist sets out every action in the order it comes up, which is the fastest way to see what you are dealing with.
If the estate is a complicated one, a title defect, beneficiaries abroad, a property that has already failed to sell, how we handle a complex estate covers those specifically. If you are not yet sure selling is right at all, your options for an inherited property is the shorter way in.
No obligation
Do you need to sell a probate property?
Tell us the postcode and roughly what condition it is in. We will give you a transparent evaluation and tell you plainly whether a direct sale is the right decision for this estate.
Talk through your options