Posted by Jimmy on August 20, 2005 at 08:16:26:
Your language confuses me. If the executor is selling the property, then the heirs are not inheriting the property. they will inherit the proceeds of the sale.
but I don’t think that is your question, and probably in not relevent.
I think your question has to do with the executor’s obligation to make disclosures about the property condition to potential buyers. right?
if that is your question, here is your answer. in California and Texas (two states with which I am familiar) and most other places, an executor is exempt from making property disclosures. Same goes in forclosure sales and property tax sales. “Cop out” is not an appropriate description of the situation. Executors and forclosing lenders usually have never occupied the property, and are not in a position to know the defects.
A buyer in such a sale should have full inspections done, and should try to negotiate a price concession. Ths will work in some places, but not in others. It depends on the real estate market.
I sold a house in a probate in San Francisco in 2004, and we made no property disclosures. We got absolute top dollar. But few places are like that.