When can I contract a probate in Florida?

[Daniel Paloscio]

Hey guys,

I have been talking to the executor of an estate here in Pinellas County Florida and we have agreed on a purchase price. She is ready to sign a contract but the estate isn't settled yet. She said she's still waiting on final approval to sell the property. It's only been in probate for about 6 months and most properties I've bought in probate were usually more than 10 months old. The executor also has 2 other siblings and they are to split the proceeds of the sale between the 3 of them. My question is can I get the property under contract, having all the heirs sign the contract, and schedule the closing date on or before 11/20/15 (more than a year after probate started)? Or do I have to wait until she gets the paperwork that says she can sell to execute the contract? I want to lock the property up now so I don't miss out on the opportunity as the months pass. If an executed contract isn't valid yet is there any other way to secure the property?

Thanks,

Danny

[Jeff Copeland]

@Daniel Paloscio - I agree with the other posters - get it under contract with the heirs. You can always execute a new contract if/when needed if the first one is deemed invalid.

By getting it under contract now, at the very least you prevent a competitor from beating you to it by doing the same thing.

Just be open and honest and manage their expectations - canceling one contract and executing another is not a big deal, and shouldn't scare them off if they know it's a possibility.