A dedicated probate auction platform has been launched exclusively for probate property, serving executors, administrators, solicitors and family of the deceased.
Probate.Auction is described by its founders as the first countrywide auction platform for probate property. It hopes to deliver speed, transparency and certainty for probate properties, reducing the average time to sell from 140 days to 63.
The vernture is the branchild of Nick Kalms and Benjamin Radstone; founders of YouSpotProperty.com, a popular property website which rewards the public for idenityfing long term empty and derelict housing, and brings them back into use.
On spotting the opportunity to launch a dedicated auction service, Nick Kalms, co-founder of Probate.Action, says
“Having exclusively handled probate property for the past decade, our evidence shows that at least 30 per cent are not in a state to sell easily through conventional routes on the open market, due to condition and or amounts of work required, typically these properties can be deemed to be mortgageable.
“Many have fallen into poor states of repair and most have been left unattended for so long, additional renovation is required to bring them up to scratch for sales. This places major delays on grants of probate, leaves families out of pocket for longer, and adds delays to cases for legal professionals tasked with winding up estates.”
The venture also hopes to introduce greater transparency into the probate property process, with Kalms critical of endeavours which do not maximise the value of the property for the benefit of the estate and beneficiaries.
“Taking probate properties to auction also deals with a key concern of families, and that’s transparency. There will always remain a cloud of suspicion for properties given to a particular agent or intermediary without being offered to the public for consideration – Probate.Auction directly negates any doubt about opening the property to the wider market, not least buyers directly interested in probate-related houses.”
