I've negotiated the price,have a buyer ready, put the contract in the hands of the son of the owners and the father, who is on the deed with his wife, passed away 5 days ago There is no will. Where does this put my contract? Do I have a certain number of days to get the deal done or is it on hold until probate? I am in Memphis Tennessee.
Son is NOT on the deed.
The mother has given her son permission to sell to me. Does he need a power of Attorney?
He is also open to a payment plan where I can pay him $XX down and monthly for the rest. Any pointers and advice. I really have the option to hold with owner financing or flip to a buyer.
It depends how this person's estate was set up, my suspicion is you don't need to involve the son if they were both his parents as their joint ownership of the house would go to the other if one passed. However if this is a child from a previous relationship there might be more gray area if the mother set aside some of her estate for him. Regardless you are probably going to be on hold for a while.