Home Buying in Needham>Question Details

Macbeth11, Home Buyer in Needham, MA

Are the laws different for estate sales? My offer was accepted. I had an inspection, I was then ready to go to my attorney with a purchase and sales

Asked by Macbeth11, Needham, MA Sat Nov 21, 2009

agreement, when seller told me they accepted a higher offer. My mortgage is going to be a conventional with a big downpayment. The new offer is a FHA loan for more money. My loan should go thru much quicker. What is the problem here?

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Macbeth11.... the laws are different for an estate sale and your real estate agent should have told you this in advance. Subsequent offers can be made on such properties up to the day of closing.

For more detailed information I strongly recommend you contact a real estate attorney that has experience in these matters. I highly recommend Chuck Levin of Needham. His website is: http://www.levinlawoffice.com. He has come to our office on several occasions to discuss this topic and how we should advise our clients of the potential risks. I always recommend that my clients discuss the issue with an attorney so they understand the issue.

Please let me know if I can be of further help.....Karen
1 vote Thank Flag Link Sun Nov 22, 2009
You said the seller accepted your offer. Does that mean they signed a final contract that legally bound them to sell to you? If so they can NOT accept the other offer. The sale is already done. On the other hand, if you had some loopholes left those might be a legal reason to end the contract on either side.

Signed contracts are legally enforceable. If you only had a verbal contract it is also legally enforceable, but almost impossible to prove in court.

If you had a realtor working with you ask them WHY this could happen. If not, talk to that lawyer, they may tell you that you lost. They may say something very different. Good luck.
1 vote Thank Flag Link Sat Nov 21, 2009
Usually the type of financing does not matter to the seller, as long as it goes through and gets approved. That does not seem right if they signed the offer, and the attorney had the purchase and sales agreement ready for you. Sounds fishy!
0 votes Thank Flag Link Tue Feb 23, 2010
Yes an estate sale is different and its a shame you weren't properly advised. At this point it's probably best to put your energy into something positive and move towards finding something else. FHA takes the same amount of time as a conventional loan.
Web Reference: http://www.mdmrealtyinc.com
0 votes Thank Flag Link Sat Feb 20, 2010
An estate sale is different because the executor must be sure that they get the best offer for the heirs of the estate. As Karen stated, an offer can be accepted up until the closing. This has happened to clients of mine...but, as it turned out the other deal fell apart and my clients wound up with the property. It is very disheartening but, this could happen any time there is an estate sale that must go through probate.

I hope you have the same luck as my clients experienced. Best wishes, Jessica
0 votes Thank Flag Link Sun Nov 22, 2009
I would agree that Levin Law is an excellent attorney to contact.
0 votes Thank Flag Link Sun Nov 22, 2009
I don't think an FHA loan would take any longer than a conventional loan and the size of the down payment doesn't matter to the seller.

I have seen that happen with Bank owned properties but usually not with a regular sale.
0 votes Thank Flag Link Sat Nov 21, 2009
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