Question Details

cassie, Home Buyer in Lawncrest, PA

a further ? on short sale deceased seller--the bank has not yet responded with counter offer--do we even have a valid contract?

Asked by cassie, Lawncrest, PA Sat Feb 26, 2011

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4
Yes you do. The contract is between you and the seller with the lender "approving" the contract.
1 vote Thank Flag Link Sat Feb 26, 2011
Since you are asking a legal question, it's in your best interest to consult with an attorney who specializes in real estate; he/she can best advise as it relates to your specific situation....
0 votes Thank Flag Link Sat Feb 26, 2011
Cassie,

You have a valid Contract if it is signed (accepted) by the deceased Seller.

Unfortunately, unless you have a signed "Approved" acceptance of your offer with the Lien Holder (The Bank or Banks and other possible lien Holders) You do not have an enforcable contract at this time.

The buyer and the Seller are always at the mercy of the Bank in a Short Sale. However, The bank may still approve your offer, only time will tell...
0 votes Thank Flag Link Sat Feb 26, 2011
I agree with Alma. The house is owned by the sellers heirs. Their heirs can respond and sign as the deceased persons executor or administrator depending on how the trust/title is held.
0 votes Thank Flag Link Sat Feb 26, 2011
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