Posted by Jimmy on March 04, 2005 at 09:16:32:
from your point of view, there is not a lot different from any other listed property. However, because the seller is the executor of an estate, the seller probably does not have to make all the disclosures about the condition of the property. The sale is likely to be “as is,” so be sure to get your inspections.
estate sales - Posted by craig
Posted by craig on March 03, 2005 at 11:50:40:
could anyone give me some advice when dealing with estate sales? im about to make an offer on a property listed with an agent, being sold as-is through an estate. any info would be greatly appreciated. Thanks again
Re: estate sales - Posted by Chris
Posted by Chris on March 05, 2005 at 12:58:40:
I bought a property out of an estate once, and here’s some advice I can pass on to you. In my purchase, the mother had died and left the property to five siblings. Well, one had credit issues, and she actually had a federal tax lien against her. When the property transfered to the five kids names, the feds immediately slapped the huge tax lien she had on this property too. This took about six months to straighten out, and eventually what happened was the woman with the tax lien gave her portion of the sales proceeds to the federal governement. Six months is a long time, but this is pretty quick for the government I’m told. So, what I would suggest to you is put something in your purchase contract, so if something like this comes up, then you can “walk” without having to buy it. Maybe something even more generic could be used, such as if the transfer doesn’t occur within XX days due to issues not caused by you (the Buyer), then the contract is void.