 deceased (2x) seller (by Nicole [PA]) Mar 12, 2024 12:17 PM
 deceased (2x) seller (by jonny [NY]) Mar 12, 2024 12:28 PM
deceased (2x) seller (by Ray-N-Pa [PA]) Mar 12, 2024 12:31 PM
deceased (2x) seller (by Ken [NY]) Mar 12, 2024 1:32 PM
deceased (2x) seller (by Ray-N-Pa [PA]) Mar 12, 2024 5:38 PM
deceased (2x) seller (by Ken [NY]) Mar 12, 2024 6:06 PM
deceased (2x) seller (by Ken [NY]) Mar 12, 2024 6:16 PM
deceased (2x) seller (by 6x6 [TN]) Mar 12, 2024 7:29 PM
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deceased (2x) seller (by Nicole [PA]) Posted on: Mar 12, 2024 12:17 PM
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Someone called me and asked what to do. I said get on the phone to your lawyer, now... it was 10:30 p.m. Not sure if there even is a lawyer. Some of this just didn't make sense although I do know some of the background from before.
Single man passed away. Four adult children. No mortgage payments were paid since he passed. Sheriff sale eventually scheduled. Not sure why it was cancelled although perhaps because the lender found out they needed to list the heirs in addition to the mortgage holder. Two years later the executor (although I'm not sure if he ever filed the paperwork and was officially appointed) makes a private deal to sell. A few days prior to closing, the executor passes away. Buyer cancels the deal.
Their question to me was "don't they have to honor the contract". Well I don't know since I don't have the contract in front of me, I don't know when the contract expires and I don't know who was to be in charge.
If the son had been appointed executor and if the contract hasn't expired, am I correct in assuming the buyer must complete the sale as long as a new executor is appointed prior to closing? As long as someone shows up at the table to sign the deed (of course with appropriate proof of capacity) and settlement sheet. I am being told the buyer isn't dealing with any of this no matter what they do.
--98.237.xxx.xx |
deceased (2x) seller (by jonny [NY]) Posted on: Mar 12, 2024 12:28 PM
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That's a messy one for sure. I'm thinking whatever happens it will all go back to the "start" and be reviewed again. I'm saying that because you made the comment "I'm not sure if he ever filed the paperwork and was officially appointed". If not then everything that happened isn't legal because he didn't have the rights to do anything.
Can't really answer the last part that they would have to complete the sale if all was "good" because I don't have the contract either to look at. Does it have anything in it stating something to the affect of "the "agreement shall apply to and bind the heirs, legal representatives, successors and assigns of the respective parties" in it? If it does then it's a good chance... but then again, a good attorney can most likely get them out of it one way or another but who knows.
Why don't they want it any longer? Also - it still sounds weird though.. if the bank still has a lien on it they would need to be paid off and the Sheriff can sell it I guess but it would still most likely have the lien(s) (mortgage, taxes, etc). right? --69.201.xx.xxx |
deceased (2x) seller (by Ray-N-Pa [PA]) Posted on: Mar 12, 2024 12:31 PM
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wow - was a successor executioner assigned at the start of the estate period?
If they were not, you may very well be months away from having anyone who can legally sign the deed.
This headache does present a great opportunity for the right buyer. The buyer would want a letter of opinion from their attorney about the status of title. I don't see where a title company would insure such a title currently, but with that letter and the correct number of quite title deeds signed, this would be alright at the right price --24.101.xxx.xxx |
deceased (2x) seller (by Ken [NY]) Posted on: Mar 12, 2024 1:32 PM
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There is a lot to figure out there,with so many missed payments the payoff is going up every day,maybe the buyer figured out what the payoff was going to be and maybe the buyer just got scared or decided he found something else. --74.77.xx.xx |
deceased (2x) seller (by Ray-N-Pa [PA]) Posted on: Mar 12, 2024 5:38 PM
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I was thinking the same thing Ken, but if the title is going to be clouded, will the bank want this thing back to figure it out? I have to wonder if this isn't a rare. let make a deal with bank - especially if it is small, where they might waive much of these fees in hopes of having the issue off the books --24.101.xxx.xxx |
deceased (2x) seller (by Ken [NY]) Posted on: Mar 12, 2024 6:06 PM
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Ray, I doubt the banks attorney made a mistake,if they served the proper person when they filed the lis pendens everyone who filed a judgment or came afterwards as an executor was notified by the filing of the lis pendens.Some title company will write that title.I believe there are so many foreclosures coming down the pike that the bank attorneys simplt dont have enough staff to keep up with it all --74.77.xx.xx |
deceased (2x) seller (by Ken [NY]) Posted on: Mar 12, 2024 6:16 PM
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Nicole- another thought, I talk to a lot of people in foreclosure and i am amazed at how little they actually know about what is going on.They never understand that judgments attach to there house,they rarely know how much back taxes they owe,sometimes they dont even understand a line of credit etc becomes a lien position. I always look everything up on my county website and in 10 minutes i know more about what is going on than they do.The dead guy may have a $50000 IRS lien or state tax lien,actually i see state tax liens regularly. I go to every foreclosure sale in 3 counties and i see about 25% of the sales cancelled for one reason or another,even vacant houses where the owner has died so it seems like the bank cancelled for whatever reason,not like the owner filed bankrupt --74.77.xx.xx |
deceased (2x) seller (by 6x6 [TN]) Posted on: Mar 12, 2024 7:29 PM
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