<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by angieg:
I'm the buyer. The house was inherited by 3 siblings, each in a different state. Paperwork has all been delayed (signatures, missing will, signed deed, etc.)Appraiser cited need for new roof prior to closing and seller only would pay half. Also, my locked-in interest rate expired and I have to pay an extra half point to keep the same interest rate. My end of the month date was delayed so now I have to pay interest for remainder of new month. <HR></BLOCKQUOTE>
I sure hope you have an attorney representing you on this. The fact that the home was "inherited" and the 3 buyers residing in other states is an automatic red flag as far as a smooth on-time closing. You have locked in on your loan interest rate prematurely so it is your added cost and not the Sellers. Whenever there are out of state Sellers there is a great potential to have closing delayed because of the logistics. More importantly is the question of if the Sellers have the legal right to sell the property. It appears that in this instance they may not. The first thing to do is see how the property was inherited. If the 3 siblings were already joint tenants and already held title to the property as co-owners, then they are true legal owners and are therefore legally entitled to sell. If they were not part owners and the deceased party held ownership by way of a tenant in common interest or owned the property in severalty, the new ownership must be dictated in accordance with the will instructions. This will be a matter for the Probate Court to settle and therefore the sale of the property must be approved by the Probate Court. Being that there is no will located, this further complicates matters resulting in many more months or even years of delays. In addition, you have an economic decision to make over the roof repair. I recommend that you consult with an attorney right away and also do not lock in again until you know for a fact that the Sellers are legally entitled to sell, can sell and give clear title, Probate Court has approved the sale and given Court Confirmation if applicable, all contingencies have been met and the transaction will be closed by a certain date as confirmed with escrow. The escrow company should have notified you after they got a copy of the title report that you should expect delays based on the type of sale this is.
