Executor's Sale of Estate -

[Anyone2012]

MASSACHUSETTS..



Does an executor have a legal obligation to sell the real estate property for the highest offer?

An executor was appointed on a past descendant's estate, which consisted of only a home. Executor sold home for 200, despite other larger offers.

It is strongly suspected that executor has ties to contractor who purchased house, but nothing in stone. However there is a notarized letter from one of the other persons who offered a larger amount than what the the home sold for.

Filing date to contest is rapidly approaching, please shoot me your feedback.

 

[ShyCat]

The dollar amount is not the only part of an offer to be considered. A smart seller evaluates the contingencies of each offer. Would you choose a $200,000 all cash, no contingencies offer over a $210,000 offer with contingencies for financing, current home sale, inspection, etc. that has a higher likelihood of falling through before closing?

Unless you know all the facts about the offers presented to the executor, you really shouldn't assume something was fishy.

 

[tranquility]

But, acceptance of a lower offer is certainly something that demands an explanation.