name of your state? MA
I am in what I thought were the final stages of purchasing a home from my Uncle, the Executor of the estate who inherited it from my deceased grandmother along with his four siblings.
Of the five siblings three remain, one being my father and including my Uncle the Executor. I have been involved in this process for five months now and was happy to find out that we were approaching a closing date.
I had received request for information from the bank's lawyers about the title and have provided them with all information requested some time ago. Because this has ended up being such a long process I wanted to make sure that there would be nothing else they (bank and their lawyers) would need from me, so I called the bank's lawyers to say looks like the bank has everything they need (according to the loan officer) and that after the final information is review/approved I would get a closing date, is everything ok with the title?
I then get a call back from the bank's law office to say that they would make sure and get back to me soon. I get another call from the bank's attorney yesterday to say that they think my Uncle would need to obtain the signatures of the heirs of his two siblings that have died releasing the deed but they were not sure and that they were checking with other title companies to confirm this.
I get a call from my lawyer to say that the bank attorney has gotten back to them to say that my Uncle would definately have to get the heir of his dead siblings to sign off of the deed prior to the sale and that if the estates of these two siblings have not been probated it could take several months before I can close on the house until they are probated.
On top of all of this I'm not sure if the heirs (my cousins) will agree to the amount the house is being sold for or if there might be some jealousy involved on their part.
At this point I don't know what to do. I have already put a couple of thousand dollars into the property in having it inspected and cleaned up (basement flooded and I cleaned out everything)
I have given up my apartment and taken out my retirement because I got the ok from my loan officer. I've signed the P&S and have recieved and signed the commitment letter from the bank.
Do I have any recourse if the heirs decide they don't want to sell the property to me or if they want to increase the price of the house?
Seems like neither the bank nor the bank's lawyer have really done their jobs, if the sale doesn't go through can I go after them? Any advice that you can provide would be greatly appreciated.
Signed - Tired and Frustrated
I am in what I thought were the final stages of purchasing a home from my Uncle, the Executor of the estate who inherited it from my deceased grandmother along with his four siblings.
Of the five siblings three remain, one being my father and including my Uncle the Executor. I have been involved in this process for five months now and was happy to find out that we were approaching a closing date.
I had received request for information from the bank's lawyers about the title and have provided them with all information requested some time ago. Because this has ended up being such a long process I wanted to make sure that there would be nothing else they (bank and their lawyers) would need from me, so I called the bank's lawyers to say looks like the bank has everything they need (according to the loan officer) and that after the final information is review/approved I would get a closing date, is everything ok with the title?
I then get a call back from the bank's law office to say that they would make sure and get back to me soon. I get another call from the bank's attorney yesterday to say that they think my Uncle would need to obtain the signatures of the heirs of his two siblings that have died releasing the deed but they were not sure and that they were checking with other title companies to confirm this.
I get a call from my lawyer to say that the bank attorney has gotten back to them to say that my Uncle would definately have to get the heir of his dead siblings to sign off of the deed prior to the sale and that if the estates of these two siblings have not been probated it could take several months before I can close on the house until they are probated.
On top of all of this I'm not sure if the heirs (my cousins) will agree to the amount the house is being sold for or if there might be some jealousy involved on their part.
At this point I don't know what to do. I have already put a couple of thousand dollars into the property in having it inspected and cleaned up (basement flooded and I cleaned out everything)
I have given up my apartment and taken out my retirement because I got the ok from my loan officer. I've signed the P&S and have recieved and signed the commitment letter from the bank.
Do I have any recourse if the heirs decide they don't want to sell the property to me or if they want to increase the price of the house?
Seems like neither the bank nor the bank's lawyer have really done their jobs, if the sale doesn't go through can I go after them? Any advice that you can provide would be greatly appreciated.
Signed - Tired and Frustrated