We Sell Louisville's video: Unexpected Twist: Seller s Death Before Your Home Purchase

Learn more:Determine the Seller's Estate Situation: Probate Process: If the seller did not have a will or a trust, the property might go through probate, a legal process to settle the estate. Executor or Administrator: If the seller had a will, an executor will be responsible for managing the estate. If there was no will, the court will appoint an administrator. Review the Purchase Agreement: Contingencies: Check if there are any contingencies in the purchase agreement related to the seller's ability to transfer the title. Contract Clauses: Some contracts may include clauses that address what happens if the seller dies before closing. Contact Your Real Estate Agent and Attorney: Legal Guidance: A real estate attorney can provide guidance on how to proceed, especially regarding the probate process and any contractual obligations. Agent's Role: Your real estate agent can help facilitate communication with the executor or administrator of the estate. Title and Escrow: Title Search: Ensure a title search is conducted to identify any potential issues with the property's title that might have arisen due to the seller's death. Escrow Instructions: Work with the escrow company to understand how the funds and documents will be handled during this period. Communicate with the Seller's Estate Representative: Estate's Intentions: Determine if the estate intends to proceed with the sale. The executor or administrator has the authority to make decisions regarding the property. Possible Delays: Be prepared for potential delays as the estate goes through the necessary legal processes to transfer ownership. Possible Outcomes: Proceeding with the Sale: If the estate decides to proceed, the transaction can continue, albeit with possible delays. Sale Cancellation: If the estate decides not to proceed, or if legal complications arise, the sale may be canceled. You may be entitled to the return of your earnest money deposit depending on the terms of your contract. Financing Considerations: Lender Notification: Inform your lender of the situation as it might affect the timeline for your loan approval and closing. Loan Commitment: Ensure that your loan commitment is flexible enough to accommodate any delays. Negotiation and Amendments: Contract Amendments: You might need to negotiate and amend the purchase agreement to reflect new timelines or conditions based on the estate's ability to close the sale. -- ✨The decision to buy or sell a home shouldn’t be made lightly. Here at the Sokoler Team, we want to help make that decision easier by providing you with relevant, educational information about Louisville real estate and the Louisville real estate market right here on our YouTube channel. Whether you’re looking for helpful tips about buying a home, selling a home, or the latest market statistics, we’re here to bring that information together all in one place. We have a passion for helping homebuyers and home sellers achieve their goals and we’d love to talk to you about how we might help you achieve yours. If you have any real estate-related questions for us, don’t hesitate to reach out to us via phone or email today. Watch next ► youtube.com/playlist?list=PLJDE2_ddvA0hieo2zi-Jtzko96_0ZwCNr youtube.com/playlist?list=PLJDE2_ddvA0jvaT8vBKit6OOi4AMmoDWh 🏠Want to sell your Louisville home? Check out our free home value report: https://thesokolerteam.hifello.com/lp/642acd417d3a850019accf7d 🏠Want to buy a Louisville home? Check out our free home search: http://www.weselllouisville.com/property-search/search-form/ Visit us on ► Facebook: https://www.facebook.com/WeSellLouisville Twitter: https://twitter.com/SellLouisville LinkedIn: https://www.linkedin.com/in/bob-sokoler-5076a59/detail/recent-activity Instagram: https://www.instagram.com/thesokolerteam Bob Sokoler RE/MAX Properties East Tel: 502-376-5483 Bob@weselllouisville.com CREDITS: ✨Agency - Vyral Marketing - https://www.getvyral.com ✨Coach / Director - Aaron Tucker - https://www.linkedin.com/in/aaron-tucker-a6045120b ✨Video Editor - Tabitha Lassek ✨Marketing Assistant - Tabitha Lassek ✨Writer -