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-   -   Anyone ever dealt with buying a contract involved in a succession? (

ninjagirl 01-18-2013 10:03 AM

Anyone ever dealt with buying a contract involved in a succession?
We put in an offer on a 100 pt SSR contract. The listing price was exactly what we wanted so we jumped on it. After both parties agreed, everything started to slow down and come to find out its a succession case (the girl selling it is a young college student, her mom had originally purchased it but passed away about 5 years ago. I assume its just on the market now because of a trust fund type situation). Do these generally take longer? We passed ROFR last Tuesday (1/8) and have yet to see a contract come through from Fidelity/First American. For our BLT unit we bought back in September/October, we had our contract within three days of passing ROFR.

It did take a long time to even get it to ROFR. Rachel said the sellers had to return all their paperwork via snail mail. I know all resale takes time but this just seems long. Anyone else dealt with a succession and had it take longer? Is this normal?

tiffrobyn 01-18-2013 10:21 AM

My current contract that I'm buying through Fidelity passed ROFR on 12/27 but I didn't recieve my closing documents until 1/9.

cvjw 01-18-2013 07:30 PM

We tried to purchase a BWV contract that was part of an estate. The original owner passed away, and his adult children were selling the contract. We passed ROFR, and passed the "close by" date stated in the contract without ever getting the contract signed by the sellers. Because the contract was part of an estate, the sellers had to obtain additional documentation from the probate court of the original owner's home town. The sellers wouldn't get their act together to get the papers filled out. We ended up cancelling the contract, many weeks after passing ROFR. We did get our deposit back, but it was quite a disappointment. I would never buy a contract that was part of an estate again.

lodge 01-19-2013 10:24 PM

shoot, I'll buy anything if the price is right.... just come look at my basement and attic! :rotfl2:

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