Owner Died, Executor Died, Now What?
I saw a house I want to buy and I have been informed by the bank that the owner died, the executor that he appointed died, and the bank can't sell it becuse they do not own it yet. They are awaiting the state to appoint a new executor. Does anybody have any experience with this type of situation? Should I pursue the state to appoint someone and then make an offer to them or wait until the bank finally owns it and make my offer to them?
Please help!
Thank you. :-?
Go to the bank and offer to buy their note at a significant discount. Explain that you will close for cash and quickly and will take care of the probate problems yourself.
After that you can begin to move forward on a number of fronts. You can file foreclosure on your mortgage. You can petition the court for permission to make repairs to the house (mortgagor in possession). You can chase the probate issues.
Thank you so much for your guidance. If I don't have the cash, is this the time to seek out a hard money lender until I gain the deed to the house and then seek out a conventional loan to put on it? If I stay on the court about assigning a new executor, can this be resolved in a year or years? :-?
Hard money lender will not lend you money if you do not hold legal title.
Read the probate file. Find out who the heirs are. Contact them and see if you can make it worth their while to come up with a new executor.
If there are no apparent heirs, it's possible that anybody interested (like you) could petition the probate court to appoint new executor to complete the probate.
Then you might be able to buy the house from that executor.
To learn whether this is possible you'll need to hire NY lawyer to brief the law for you.