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The executor has a legal obligation to act reasonably and prudently in administering the estate. If the Seller does sell the property at an undervalue, this will mean that he will not be acting prudently and reasonably. The question he needs to ask himself is, would I sell my own property at that price?
The Executor owes a duty to the beneficiaries to get the best possible price for any property in the Estate and if he does not, he runs the risk of being personally liable to you for any loss you have incurred as a beneficiary.I would therefore suggest that you remind the Executor of his above duties! Although he does have the final say as to the Sale price, as he is the Executor, I would certainly hope he sees sense and would not wish to run the risk of you and your sister making a claim against him for selling the property at an undervalue.Hope this helps.
Thank you so much, at least I know where I stand now.
I had an offer of £340,000 for the house, it was a firm offer.
The executor phoned the people that made the offer and told them the house was valued at 295,995, they with drew their offer, and now have offered 305,000.
I am so frustrated at this persons stupidity.
thanks for listening .
Hope it goes OK.
All the best.
Thank you for your time