Beneficiaries of will - house auction this Thursday

Help !
A family of 7 of us have been made beneficiaries of a will of my aunt .....there are also 6 beneficiaries on the other side (our cousins).

The executors are a married couple on the cousins side . Our side has no representative .

Question: do we have any say at all in the reserve price when the house is auctioned tomorrow ? It is in a fabulous location in Dublin and has huge potential . However we think the guide price is very low and the reserve price is only being set tomorrow 15 mins before the auction ! We feel very out of it here ... This is also the house our father lived in as a child and spent the last year of his life there .

The solicitor has not answered emails from our side . Do we have any rights at all ?

Spanish Eyes

I think that would be up to the executor/s.

Have you spoken to the "other side" at all?

Surely they will want the best price too.

Auctions are usually done in such cases, so there can be no accusations of shenanigans.

I bet it will go way beyond the reserve.

4ensic15

It is entirely a matter for the executors. A guide price is a matter of marketing
and a reserve price will depend on the feedback from potential purchasers.
It is unrealistic to expect that the agents would have to consult 12 people in order to set a reserve.

Claw Hammer

Did the house sell at auction for more than the guide price?

coylemj

Claw Hammer wrote: »

Did the house sell at auction for more than the guide price?

OP has contributed four posts concerning TV soaps since this thread was created so I think we may assume that s/he has more important things to worry about than their 1/13 share of the aunt's house.

The guide price at an auction is often set unrealistically low in order to get as many people as possible to show up on the day. If I was a beneficiary of a will, I'd be more concerned that the guide price was set too high rather than too low. OP said the house had 'great potential' so presumably it's a house that needs major refurbishment in which case a low guide price is probably appropriate.

Ha coylemj you are right ! Far more important things to do like comment on Red Rock & Fair City !

Yep house sold ....we were never told the reserve and a few of us thought it sold for less than its value . But other factors came into play re: planning permission for developers so it narrowed the prospective buyers down .

It was valued at 1.2 million and that's what it sold for . We were hoping 1.5 million but realistically dividing the extra 300K between 13 of us after inheritance tax (33%!!!!) it would have meant very little difference .

Claw Hammer

Nice to see someone who can just ignore 15K.

Claw Hammer

Claw Hammer wrote: »

Nice to see someone who can just ignore 15K.

miaow!! believe me it is not as simple as you think. :cool: There has been nothing but phone calls, emails, contact with solicitors and executors over the last week from all members of the family .... it was going very badly and sometimes you just have to stand back and let the executors do their job, and accept what solicitors, auctioneers and executors are telling you. This was not our mother.... this was our aunt.... we were lucky she left us anything!

life is too short to fall out with everyone in a family over money!