Buying from an estate

[Lucas10]

Hello, first time buying resale and noticed on the contract the seller is an estate. Anyone has an experience like this they would share?
I’m worried this will slow the process way down.
Thanks

 

[fla4fun]

Hello, first time buying resale and noticed on the contract the seller is an estate. Anyone has an experience like this they would share?
I’m worried this will slow the process way down.
Thanks

I would have thought the opposite, that it would be a quick sale. The estate will have someone already in place to sell all assets that are to be sold and they should be interested in completing the sale of all assets as quickly as possible to settle the estate and pay the beneficiaries. It will be interesting to see what experiences people have had, although I would think most contracts would be handed down to heirs without being sold, so there may not be a lot of experience out there.

 

[VGCgroupie]

If it’s already been through a probate or never required a probate process then it should proceed as normal.

 

[cvjw]

We tried to buy a contract that was part of an estate a few years back. Had to end up cancelling the sale after passing the “close by” date that was stipulated in the contract. Multiple people had to sign the closing documents and they wouldn’t. They quit taking calls from the broker. Was like a 6 week process. Might want to check with the broker and see how many people have to sign.

 

[VGCgroupie]

We tried to buy a contract that was part of an estate a few years back. Had to end up cancelling the sale after passing the “close by” date that was stipulated in the contract. Multiple people had to sign the closing documents and they wouldn’t. They quit taking calls from the broker. Was like a 6 week process. Might want to check with the broker and see how many people have to sign.

Yeah to this. My purchase had cleared probate but there was 2 people that needed to sign in 2 different states, one was the the executor of the estate.

 

[Lucas10]

We tried to buy a contract that was part of an estate a few years back. Had to end up cancelling the sale after passing the “close by” date that was stipulated in the contract. Multiple people had to sign the closing documents and they wouldn’t. They quit taking calls from the broker. Was like a 6 week process. Might want to check with the broker and see how many people have to sign.

Thank you, this is my fear as well. 3 people need to sign off. It’s been sent to ROFR today so we’ll see. I don’t want to be wasting any time with this.

 

[cvjw]

Thank you, this is my fear as well. 3 people need to sign off. It’s been sent to ROFR today so we’ll see. I don’t want to be wasting any time with this.

We wasted weeks with this contract. But, found an even better contract after cancelling. Hope yours is smooth sailing!

 

[Lucas10]

We wasted weeks with this contract. But, found an even better contract after cancelling. Hope yours is smooth sailing!

Thanks!