Developer · NY · Member since 2021 · 5 posts · 1 vote
Trying the short sale a property, owner / father passed away. Found the kids and wen into contract. All of a sudden we saw the property on MLS in New York/ Nassau county listed by the agent for sell and now found out the father in fact had a girlfriend and left a will that gave her 65% and his kids 35% of proceedings. The house is abt to go on foreclosure . How should we approach this situation. The girlfriends agent is going to court to get probation which will take 2-6months . He wants me to get signed paper from kids to agree to short sale. Aren't We suppose to sign contract meanwhile? What's the best way..... Need help with short sale.... should I take step back from this deal????
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
5y
There is absolutely no value or point in heirs going through the trouble to do a short sale....there is no equity, no one gets any money and the heirs have no responsibility for the debt. Probate would be required for anyone to even have the legal authority to sign a purchase and sale contract.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
5y
There is absolutely no value or point in heirs going through the trouble to do a short sale....there is no equity, no one gets any money and the heirs have no responsibility for the debt. Probate would be required for anyone to even have the legal authority to sign a purchase and sale contract.
Trying the short sale a property, owner / father passed away. Found the kids and wen into contract. All of a sudden we saw the property on MLS in New York/ Nassau county listed by the agent for sell and now found out the father in fact had a girlfriend and left a will that gave her 65% and his kids 35% of proceedings. The house is abt to go on foreclosure . How should we approach this situation. The girlfriends agent is going to court to get probation which will take 2-6months . He wants me to get signed paper from kids to agree to short sale. Aren't We suppose to sign contract meanwhile? What's the best way..... Need help with short sale.... should I take step back from this deal????
The girlfriend is going to court to get probation? What crime was committed? Do you mean that the girlfriend is going to court to start the probate administration process?
Normally the probate process usually takes 8-12 months depending on the complexity of the case.
If your a investor/wholesaler I don't see how you would be compensated. The girlfriend and children have a legal right to the property and you would be negotiating with the girlfriend who would be the executrix..
Lender · Patterson, NY · Member since 2017 · 488 posts · 186 votes
5y
Okay, this is not legal advice but 1. If there is a will there MUST be probate. Someone needs to the the executor or executrix. 2. If there is no will, the process is called Administration. 3. They are NOT both the same thing so don't use the words interchangeably.. 4. The will states who the person who died wants to to be the executor. The court (dis)approved this person. 5. Only the executor may sell the property. All others assumed statements given you in various responses are just that, assumed.
by the way, the house cannot even be listed if no executor has already been appointed. The real estate may be subject to discipline if no appointment by The COURT has been made. This appointnent is made through LETTERS TESTAMENTARY.