Contract void due to estate dispute. HELP!

Estate disputes are as bad as divorces...actually scratch that as in the estate, you are trying to determine the wishes of someone dead unlike divorce where the wishes of people is to see the other one dead.

THe luckiest thing you could wish for is having the "new heir" consent to the sale and the proceeds are held in escrow by the court so they can argue about dividing up after. You need a lawyer that can speak to this new heir's lawyer fast.

Whatever case you may have,I doubt the recoverable loss will be worth the fighting costs to recover on the losses angle. I know, it sucks.
And I am not an attorney so my take my thoughts with 2 grains..

title search much?

eh nevermind...

let it go - move on..

sigh...
Somehow my own attorney was not the one who broke the bad news. Bank did.
Just super bad luck.

Title search wouldn't have helped.

If it's an estate sale, you have to be ready for delays and general craziness. It sounds like you need a better lawyer, not just a paper-pusher but a deal-maker, if you are going to take on projects like this. As to the time and money wasted, it's par for the course.

what a drag.

If you want to wait it out you may well end up with the apartment, but buyer's broker should have advised the risk of an estate sale closing late and thus missing the tax credit.

ali r.
DG Neary Realty

tbontb, take this as a blessing in disguise. You and all the other lemmings out there rushed to take advantage of the "free money" tax credit several months ago. Little did you know the free money was for the sellers, not you. Remember the little blip we saw first quarter? I know, $8000 is little money in Manhattan. Yet contracts signed in Manhattan peaked in Apr and then dropped despite peaking in June the past 2 years:

http://www.urbandigs.com/2010/07/q2_2010_report_out_doesnt_capt.html

The point of all this is that prices dropped more than $8K, probably due to the expiration of the $8K credit, and rates are lower.

So relax & enjoy. Your lawyer is probably not calling you back because you're not paying by the hour.

from my own experience when I refi and then sold the house, the attorney did absolutely nothing except accompany me to the closing. When I dropped by his office, his legal assistance did all the paper work and review. I guess most of the contracts are so uniform he just passed everything to his assistant.

nada - what happened to you? I remember specifically pointing out in a thread how rational and normal you were. Now you've just become a little w67 with better grammar. Shame.

Because he said "lemming"?

he still seems rational and sane to me.

I think seeing the term lemming put you in a dubya frame of mind. THere are no Z's in Nada's post and I even heard a lemming reference on CNBC one morning.

the overall tone, in this post and some other recent ones, has noticeably switched from one of 'let's analyze the market and figure out what makes sense for different people and their situations' to 'anyone who has bought or is thinking of buying is an idiot and has no idea what they are doing', with increasingly negative tone (such as the use of aforementioned 'lemming')

its a shame b/c I used to find it interesting to read his posts. not so much anymore - if i want that type of commentary i can unhide w67 and find it in a much more colorful way.

"I know, $8000 is little money in Manhattan. Yet contracts signed in Manhattan peaked in Apr and then dropped despite peaking in June the past 2 years:"

inonada, that's a bit too much extrapolation, as I've pointed out before. Past two years are hardly "normal" and I believe (correct me if I'm wrong) most normal years see peaks in activity before June and dropoffs are normal for the summer. I think 8k, for most people buying in Manhattan is a non-starter, so to claim that prices have dropped 8k since the end of the credit as any sort of cause and effect seems a bit disingenuous to me. Prices change for much more potent reasons (jobs, income, etc.).

Flmao. Don't touch inonada. I wish I could restrain myself but I don't get on se to be nice. I do that in real life. In fact I have a re borkers' daughter over for playdate today.

Let me get this straight. It's like the runner up to stuy town coming on se to cry about losing out. Flmao. Me thinks in 12 months lemming will be happy to be buying in less lemmingier mkt,no?

Can you imagine what the runner up to stuy town is doing right now!!!!? Damn, I'd be dropping crazy bills in the champagne room. Remember there is no sex in the champagne room. Flmao.

can we go with lmfao? I like that better than the non-standard flmao

let me just get back to the original topic for a sec.
$8000 is not a lot, but enough to get a government sponsored gangster sub-zero fridge.
I don't see why not.

I intend to buy anyway (some of you may think it's stupid but it makes sense to me), the low-rate + credit provided great timing and I grabbed it.
If this estate sale does fall apart, I am still going to find a place, with a much down-to-earth fridge.

want a UES lux 1BR condo < 950psf?

Lmfao! Deadunitbuyer, you sound like tiger woods. 'me needs Ho now! What'd ya mean she gets half?'

Eddie, half Eddie x

inonada
'Yet contracts signed in Manhattan peaked in Apr and then dropped despite peaking in June the past 2 years'
http://www.urbandigs.com/2010/07/q2_2010_report_out_doesnt_capt.html

direct quote from this posting:
This is to be expected for most calendar years come May & June, but unfortunately 2008 and 2009 were not 'normal' calendar years.

'The point of all this is that prices dropped more than $8K, probably due to the expiration of the $8K credit, and rates are lower.'
and can you show some data backing up your contention that prices in Manhattan have dropped since April?

The rush to buy in April was probably from all the people who listened to all those in these boards who were 100% that rates were going to skyrocket once the Fed stopped buying.....

Looks like they could have safely waited and not taken part in the spring frenzy.

I have generally seen price weakness over the past few months for the smaller units, which likely would be the ones of interest to someone getting the tax credit

hindsight 20/20

My use of the word "lemming" was not intended in the w67th meaning of the word (i.e., anyone who buys), but rather in the sense that tbontb (and countless others, NYC & elsewhere) all thought they'd be getting something for "free". You said "I don't see why not" -- the reason not is that every other person out there was thinking the same thing, which held up prices. As the government intended. The intention of the low rates (given the quasi-explicit guarantee on agency debt now, pricing them as almost risk-free) is the same. Now, maybe you have a fine case for buying. However, think about those carrots the government is dangling in front of your nose before you bite.

A lot of people were saying interest rates would remain low. As long as we have zirp, and a declining number of eligible borrowers, I don't see why lenders won't be happy with their 400-500% returns. They'll be especially happy when those returns are guaranteed by the taxpayer.

I would love higher interest rates.

On the statistics, the entire nation saw an unusual post-April drop. NYC saw an unusual post-April drop. April had 1700 contracts, May had 1100, June had 900. That's nearly a 50% drop April to June. In 2009 we had 900 to 1500, a 66% rise. In 2008 we had 1500 to 1400. Mind you, rates are now appreciably lower.

OP (tbontb), would you mind sharing with us the month of your contract and the rough price. Nothing that would identify you...

inonadaz - where is your backup for the statement that prices have fallen in Manhattan since April?

AR - yes, your revisionist history on mortgage rates is duly noted.

Printer, I cannot back up the claim with numbers. Where do you think prices are now compared to April.

Printer. You just zipped your pants. Please refrain from asking her to take an ept just yet.

I don't get the feeling that they are much changed - i know 3 people who put their places on the market post-April - 2 sold pretty quickly (so I assume close to their expectations), the 3rd is twisting in the wind.

I don't read rah-rah in the NYT, I don't hear rah-rah by brokers here or elsewhere. If history is any lesson, rah-rah always coincides with a flat or rising market. Silence coincides with bad news. That's why it don't smell so good to me.

Printer, interest rates aside (they are lower now, but forecasting interest rates is a thing unto itself, efficient markets and all), would you rather be in the market now or in April? Knowing what I know now, I'd choose now. Knowing what I knew in April (just the tax credit expiration, again no views on interest rates), I'd still choose now.

by be in the market, you mean as a buyer? as a buyer, i'd rather have the widest number of choices - one of the reasons I suggested way back in spring '09 that it was a good time for buyers, despite the massive uncertainty, was the huge inventory and the long time on market, which gave people the chance to see and bid on multiple quality properties. when you are buying for the long run, as you should, the idea is that you are getting a place you love.

of the approx 9k properties on the market, how many would you say are terrible values at their asking price? Like the 40 5th avenue on the other thread - a beautiful place, but likely 20-30% overpriced?