Thanks for your question and good morning.My sympathy here for your situation and dilemma.
This is a terribly complex real estate closing.It involves what appears to be four estates and one survivor.
Each estate here has to be opened and possibly have a probate court approve a sale to you and deed the property here to you and sign closing documents.Honestly you have to decide if you are willing to wait for what might be another year or so to clear up all of this.It really depends how great a deal it is here or how bad you are in love so to speak with the property.
In my mind there should be a serious discount of price here in order for you to wait for all of this to occur.The multiple estates are going to have real problems finding a patient buyer.I have seen such situations where the right person who is willing to wait this out gets a great deal.
Again if this is not a great deal or you are not in you are not hopelessly in love with the property you probably have outs here is the sales contract had a time limit to close on it.
Having worked for a title company I can tell you this is something that might take another year and thats if the remaining sibling or someone else involved does not decease here.When there are four estates involved if any did not have wills there has to be a motion to sell it , an order approving listing, a motion and order approving, etc.It is a complicated process involving several trips/hearings before probate judges, etc.It is slow going overall and time consuming.The botXXXXX XXXXXne is that the price here should be lowered because of that, otherwise if you need to close soon and move in, then you may decide to let it go.If you are willing to wait here--and it could be as much as another year then you may get it.Honestly with the complexity it would scare off most buyers.
I appreciate the chance to assist you today.Please let me know if you have more follow up.Thanks again.
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The price I got was marked down from $499,000 to $430,000. The current zillow price is $600,000. I think it is a good deal. I have to think if I want to wait for another year.
Do you think a right lawyer could help? Should I choose another title company?
I talked to seller, and his attorney disagree with these additional requests. Their reason is they can sell the property and decide how to distribute the assets afterwords. For example, for Bessie's case:
2. Bessie’s Will: There is a 316k Medicaid lien which will need to be released, as well
They think they can give her portion to Medcaid after the sell is closed. Is this a reasonable argument? What should happen to properly release the 316k Medicaid lien? What would happen if it is not released properly and I got the property, do I need to pay the 316K?:
That is excellent.
Sorry to bother you another one. For item four, seller's attorney feels like everything is related how to distribute the asset after sell, he feels it is not related to this sell and he can decide it himself after the sell. lien we can address like you suggested, what about the who should or should not be on the deed, is it really related to this sell?
4. Hercules license to sell. The liens should not be listed right on the License to Sell and would indicate that the liens would necessarily attach to the proceeds, especially a $2 mil Commonwealth of MA MA Health lien. It makes it seem like because they are set forth on the License that the License is subject to those liens. Arthur does not take any interest in the property. Marjorie takes everything under Arthur’s Will. Bessie takes her interest subject to the Executor’s power of sale. The Executor must sell per the power of sale since this is being sold within 1 year of Bessie’s death. Ellen cannot be on the deed.
My current lawyer, offers me to option to switch lawyer if I wish:
If you want to find another attorney to assist with closing the loan I would be happy to pass along the title. Perhaps their title insurance company will not take issue with the remaining items?
Do you think it would help?
I think any other lawyer and title company if they are doign thier job are going to have these same issues.I think the seller needs to resolve these or you need to consider looking for another property.To me this would cause you to incur additional legal fees but srgainigntill identify the same problems.As a former title company closer I can tell you that the title company is telling you that you aren't getting what you are barganing for--a clear title.These are legitimate issues that either the seller resolves or you decide to get your earnest money back and look elsewhere.My tendency would be for you to let this property go and look elsewhere.In my mind they are going to end up discounting this property way more because of the issues that remain.It is possible that they come back to you with a counter.I don't see this property selling for awhile or at least closing.If you do not locate another property you might encounter this one again at a much reduced rate.Thats just my impression here, certainly your judgment based on what you really want to do comes into play.
One of the best things that ever happened to me was a house that I couldn't close on. My job relocated a couple of months later, my life went in a totally different direction I would have been stuck with it for probably a year and lost money on a resale.Looking back I was so lucky it didn't happen.It tempered me in these kinds of deals.Sometimes its not meant to be and that can be a good thing, something better may well come along with fewer title issues.
Excellent advice from your experience, I really appreciate it!
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