Selling a Probate Property: 10 Common Mistakes Executors Make

Following the death of a loved one, selling a property is often one of the executors' biggest responsibilities. Alongside the emotional aspects, there are legal duties, practical considerations and financial decisions to make.

At Hermens Property we regularly assist executors with probate sales and have seen first-hand how a little preparation can save months of delay.

Here are ten of the most common mistakes.

1. Expecting the Probate Valuation to Equal the Sale Price

Many executors assume the probate valuation represents the property's market value.

Whilst a RICS Red Book valuation is an excellent starting point, it is prepared for Inheritance Tax purposes at a specific valuation date. The market may have changed significantly by the time the property is sold.

2. Overpricing the Property

A common temptation is to market significantly above the probate valuation "just to see what happens."

Unfortunately, today's buyers are extremely price conscious. An overpriced property often receives fewer viewings, becomes stale and ultimately sells for less than if it had been realistically priced from the outset.

3. Delaying Marketing

Many executors wait until every administrative matter has been completed before marketing the property.

In many cases, marketing can begin before Probate is granted, allowing buyers to be found whilst legal formalities continue.

4. Leaving the Property Unpresented

Small improvements often make a significant difference.

Simple gardening, cleaning, fresh paint and decluttering can improve first impressions and increase buyer confidence.

5. Ignoring Maintenance Issues

Buyers notice leaking gutters, damp patches, broken fences and neglected gardens.

Addressing obvious maintenance issues before marketing often results in stronger offers.

6. Forgetting Insurance

Once a property becomes vacant, standard household insurance may no longer provide suitable cover.

Executors should ensure appropriate unoccupied property insurance is in place.

7. Not Choosing the Right Estate Agent

Probate sales require sensitivity, patience and good communication.

An experienced agent should understand the legal process and work closely with the executors and solicitors throughout the transaction.

8. Delaying Conveyancing

Instructing solicitors early enables title documents and management information to be obtained before a buyer is found.

This can significantly reduce delays.

9. Not Understanding the Current Market

Property values are influenced by interest rates, buyer demand and competing properties.

A sale price achieved several years ago may bear little resemblance to today's market conditions.

10. Forgetting That the Market Determines Value

Ultimately, neither the probate valuation nor the asking price determines market value.

The property's true value is simply what a willing buyer is prepared to pay in the prevailing market.

Final Thoughts

Selling a probate property is rarely just another house sale.

With realistic pricing, careful preparation and experienced guidance, executors can minimise stress whilst maximising the value achieved for the estate.

If you are acting as an executor and would like advice on selling a probate property, Hermens Property would be pleased to assist.