I've seen "estate" matters "gum up the works" several times. Usually when the heir(s) did not seek legal advice upon the demise of their loved one. Most recently I had worked on a similar problem of an unpaid inheritance tax. that was found to be owed from; THE ESTATE PRIOR TO THE ESTATE I was getting ready for the closing. It had to be addressed and cleared for the title company to insure the Title.
I hear statements such as "i was given the house in the will", "I'm the executor" , etc.
My opinion: The decedent should be respected and their affairs cleared that, "in my mind" is also paying your inheritance tax as soon as possible. Also, the losing his business part makes me wonder. Will there be creditors looking for money too?
With that said, take your father, with all the paperwork you can find and go over everything with an attorney. The appointment should also include getting the attorney's opinion on the buyer having a valid breach of contract suit and how to handle that.
Good luck with your transaction.
by the way, you say he has already gone "$50,000 under market value"......not quite sure what you mean, as market value is what a buyer is willing to pay, not what a seller thinks it may be worth........it also is not what the town assessment is........that has nothing to do with true"market value", even if homes may be selling in the vicinity of their town's assessment.
It's only worth what a ready, willing and able buyer will pay for it......and what an appraiser will appraise it for..
Or......although I doubt it..........do you mean he owes more than the house is selling for?
Those are 2 very different scenarios.
Any liens must be cleared before a closing can take place.
Read the contract - it will usually state that the seller will provide clear title to the home.........and that they have sufficient funds to do so.
That is the typical way it is handled in this part of NJ.
Who is representing them?
Email me, and I will give you the names of several local attorneys - your parents need representation.
No one on Trulia can, or should, give you a legal opinion, or legal advice, and that is what you need at this point.
Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave