purchasing a house

[momm2500]

What is the name of your state (only U.S. law)? pa

hello-we found a house we really want. we found out that it is also an estate sale. i know what that means but what do i need to know on the asking price? i know they said that settlement can be anywhere from 30-60 days. is there anything i need to ask or look out for with an estate sale? is the asking price usually negotiable because they would want to settle the estate?

 

[CLJM]

What is the name of your state (only U.S. law)? pa

hello-we found a house we really want. we found out that it is also an estate sale. i know what that means but what do i need to know on the asking price? i know they said that settlement can be anywhere from 30-60 days. is there anything i need to ask or look out for with an estate sale? is the asking price usually negotiable because they would want to settle the estate?

Everything is "negotiable"....just depends on whether it will be accepted.
Be concerned about:
Property Owners disclousure report
Home inspection ( complete; roof to foundation)
HVAC inspection
Termite and drainage inspection
Septic and drain inspection, if applicable
Survey
etc...etc.....

Don't worry as much about what they might or might not accept, focus on what you feel the value and worth is and what you want to pay. DO YOUR HOMEWORK !!!!
How long vacant, condition, etc.
Other SOLD properties nearby (listing price vs SOLD price)

The most important factor in dealing with an "estate sale", indeed, ANY sale, is to do your homework.....and, if you are dealing with the agent for the estate, understand that their responsiblity is to the seller, not to you.
All the inspections should be done by someone you have chosen.
Use a good attorney and title company for closing and buy title insurance !

 

[nextwife]

Additionally, don't presume that they are free to accept any old price. A surprising number of estate properties are heavily mortgaged. And have creditors up the their eyeballs. Ask if they know if this will need to be a short sale and if they have pulled preliminary title so that they know what, if any, liens, mortgages and judgments might be against the property..

 

[CLJM]

Additionally, don't presume that they are free to accept any old price. A surprising number of estate properties are heavily mortgaged. And have creditors up the their eyeballs. Ask if they know if this will need to be a short sale and if they have pulled preliminary title so that they know what, if any, liens, mortgages and judgments might be against the property..

Nextwife----thanks for adding the "addition" regarding liens and judgments; I was remiss in not including it.

 

[nextwife]

No problem.

I am often amazed at how often a personal rep/executor might proceed to place an estate property an the market CLUELESS whether the estate even has sole, good title to the property. If the estate can't sell the place, all the other stuff is moot . . .

 

[CLJM]

Yes, and even if there are no mortgages or liens against the property, simply being "estate owned" may mean multiple heirs---which can also bring about problems.

 

[FarmerJ]

If the home is older , to add onto CL s list verify tap card dates for sewer and public water with the public works desk for the home that is to be sold (and the homes on each side of it if its in a older area ) if the home has city water , city sewer , If its a older home in a older nieghborhood the reason to do this is to attempt to learn if the home or one of the homes that is on either side might be on a shared city sewer tap. & beside septic and well inspections if applicable if the home is old enough that it could have been on private well and septic to attempt to learn if city /county ords required old septic tanks to be caved in or filled at the time city sewer was connected and look for sign off records at the city permit desk, Same deal with old wells , if the property had private well and is now on city sewer was the well properly capped and sealed when it was taken out of service ? any old oil tanks ?

 

[momm2500]

thank you all. we dont have to worry about sewer and water it is all clear. another question would be...if denied for conventional mortgage, would you be eligible for FHA? denied for conventional due to foreclosure that happened 41 months ago....but do have at least 50%-75% down payment.