Q: How long should a home be on the market before accepting what would be considered the highest offer?
My family has a home that I am selling as trustee for the estate. We are preparing it to go on the open market, as suggested by my estate attorney in order to get the highest price.
However, I have already gotten a considerably generous cash offer that is 10% above asking price and includes very lenient conditions. My attorney says it's ultimately my choice if I accept this offer before listing it, but the other two beneficiaries beside myself can say I didn't get the highest offer possible after we close.
If I were to proceed with putting the home on the open market and that cash offer is good past that date, how long is a reasonable amount of time to say I got the highest price? I am not confident there will be a better offer, and I'm concerned that said offer will drop out or lower over time. The other beneficiaries are anxious to get disbursement as well.
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A: In California, there's no set duration a home must be on the market to determine if an offer is the highest possible; it's based on market conditions and the trustee's fiduciary duty to act in the best interest of all beneficiaries. Accepting an offer 10% above asking price with lenient conditions can be deemed reasonable, especially if you believe the market may not yield a higher offer. However, it's essential to document your decision-making process thoroughly, especially if there's potential disagreement among beneficiaries.
Rebecca Sommer agrees with this answer
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