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partial estate purchase

As the guardian/conservator of his father, who is in ill health, & the sole inheritor of his estate, my son is being allowed by the court to purchase a home with about two thirds of the estate monies & the remainder with a mortage loan of his own.  The court will have to approve the exact home he will purchase.  Therefore, how will he place a bid knowing that he can get his earnest money back if the court should not approve it. 

Any other recommendations & suggestions is appreciated. Thank you in advance.
  • April 24 2011 - Saint Charles
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Answers (1)

Saint Charles? There's more than one, so I'm not sure which state you're in but most Real Estate Contracts start with an Offer To Purchase which becomes the RE Contract once all parties have agreed to the terms. Have your agent show you the paragraph that pertains to EMD in your contract. Make sure that it says that the purchase is contingent upon court approval of the property and that it also says the EMD is returned if the contract does not go to Closing. This contingency may put a damper on Seller's willingness to accept your offer so be prepared. Remember, the Seller is losing days on market every day your offer is accepted with contingencies. You might consider offering to pay for the days you keep the home off the market if the contract does not Close.
  • April 24 2011
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