I am the buyer good to go, I should be the one that makes it fall through. Where do I stand? Am I fixing to lose $$$? I was told we would close two weeks ago, waiting...IMPATIENTLEY!! on seller (3 day weekend)!
2006-08-30 13:04:10 · 4 answers · asked by iceberg 3 in Business & Finance ➔ Renting & Real Estate
I did not know anything about probate court, being part of the deal, and really don't know what is going on. Please contact me!! I would like to know more and have been LOOKING to no avail. Fixin to snap! Love this house but getting burt out WAITING!!
2006-08-30 13:28:43 · update #1
If it's in probate, your agent should have explained to you that you need court approval prior to sale. The court works on its own time, but it sure makes it difficult to lock the loan. On the other hand, you get the property for less money due to the fact that it is in probate.
I hate working probate. I hate working probate. I hate working probate. I can't really lock the loan until there's a court date set, and then if it gets continued, I'm hosed. In a business is deadlines, I'm at the mercy of people who have demonstrated time and again that they don't have them. Buyers get frustrated, and there's no recourse on the sellers (the contract for probate is not the same contract as is normally used). Plus there can be issues of gross estate value.
There are compensations for doing so if I do it right (clients who think I walk above the water, and send me many referrals). But no fun while it's going on.
2006-08-30 13:32:51 · answer #1 · answered by Searchlight Crusade 5 · 1⤊ 0⤋
The sellers can't sell until they legally hold title. Everyone's going to have to wait on the probate court.
If you have a purchase and sale agreement with a specific amount of time stipulated in it, you should track what this delay is costing you, and adjust the price accordingly.
Was this mentioned prior to now, or did the sellers misrepresent themselves?
2006-08-30 20:17:43 · answer #2 · answered by szydkids 5 · 1⤊ 0⤋
Do you want to get out? Maybe get some money? Call your agent to see what your entitled to. It should be in the contract. I'm guessing one of the owners of the house died and the current owner is not legally the only owner of the house right now. I don't think the sale can go throught until that is settled.
2006-08-30 20:14:56 · answer #3 · answered by Mack L 3 · 1⤊ 0⤋
i will not repeat what other say about probate, but if you like this house and are willing to wait , maybe you can do "dry closing", you sign the closing docks, but money will not change hands.
this way you can save your interest rate on you mortgage .
2006-08-30 21:29:18 · answer #4 · answered by bianca 4 · 0⤊ 0⤋