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Not sure what your point is here. If a court appointed guardian is needed, shouldn't that be done before taking the listing? I've done it. I'm a guardian for my handicapped son and it takes a while to get this done.
Yes, if the seller isn't competent to sign legal documents then a court-appointed guardian needs to be assigned so that legal documents can be executed. A party must be competent to sign legal documents. It is one of the requirements to having an enforceable contract.
Not sure what your point is here. If a court appointed guardian is needed, shouldn't that be done before taking the listing? I've done it. I'm a guardian for my handicapped son and it takes a while to get this done.
YES, of course, according to your description it should be done before listing.
And, the poor lady needs legitimate assistance.
This sounds like trouble to me, and it has nothing to do with the disclosures.
Somewhere down the line, maybe years after the house is sold, the seller's daughter, or grandson, or estranged sibling is going to look at this transaction and conclude that she lacked the capacity to enter into the contract and that you and your fancy realtor took advantage of her.
Do you want to be the record owner of the property when that happens?
This sounds like trouble to me, and it has nothing to do with the disclosures.
Somewhere down the line, maybe years after the house is sold, the seller's daughter, or grandson, or estranged sibling is going to look at this transaction and conclude that she lacked the capacity to enter into the contract and that you and your fancy realtor took advantage of her.
Do you want to be the record owner of the property when that happens?
If the Seller is, in fact, incapacitated, there's no way for them to enter into a binding listing agreement, let alone fill out a disclosure statement.
Agreed. And no way to properly sign a contract to sell, nor settlement papers.
Some even well meaning people go around it knowing suchandsuch was the intention when the person was well and thisandthat is necessary to do now in order for the individual to move on.
It might take knowing the seller well, knowing the price is truly the best for the seller, knowing the terms are truly the best for the seller, etc.
However, it doesn't seem like anyone really knows the seller in this case. And, from the buyer point of view, you don't want to take unfair advantage of anyone and, even as far as cold hard facts, you don't want to get messed up just before settlement when finally someone has been appointed to look out for the seller.
I came across something in our MLS this morning. Seems like it may be wrong to me and I thought I'd start a thread to see what others think.
First, the listing is a short sale. The short sale addendum and property disclosure are in the listing. The property disclosure is blank only stating that it is as is. In the state of Idaho the seller is required to fill one out for a short sale. There are circumstances where they are not, but many agents are confused as to when it is or is not required. And pictures of the property show a lot of damage and deferred maintenance.
I called the agent. She told me that the seller is incapacitated and can barely sign her name. Can't communicate enough to fill out this disclosure and is in assisted living. She did sign these documents. There is no one else with power of attorney. I'll admit I haven't looked into the rules about this. It looks like a good fixer for an investment, but I'm afraid of it. I feel certain that there must be a rule somewhere that requires a seller to be competent enough or for someone else to have power of attorney who is.
Should this agent have taken this listing?
Well, I certainly wouldn't have (note: I am not an agent, just work in a real estate office, so I couldn't have anyway, but hypothetically speaking). A short sale is a lot of work, where the seller will be required to provide a LOT of documentation and fill out a lot of forms. If the seller isn't physically or mentally capable of doing so, or at least capable of dictating to someone who can write it for them, I can't imagine any deal making it to closing.
And yes, you are correct that a short sale seller is not allowed to just say "as is" on the property disclosure. So you would have to make any offer conditional on a full disclosure being filled out. But I wouldn't want to be the buyer or either agent on that deal.
Well, I certainly wouldn't have (note: I am not an agent, just work in a real estate office, so I couldn't have anyway, but hypothetically speaking). A short sale is a lot of work, where the seller will be required to provide a LOT of documentation and fill out a lot of forms. If the seller isn't physically or mentally capable of doing so, or at least capable of dictating to someone who can write it for them, I can't imagine any deal making it to closing.
And yes, you are correct that a short sale seller is not allowed to just say "as is" on the property disclosure. So you would have to make any offer conditional on a full disclosure being filled out. But I wouldn't want to be the buyer or either agent on that deal.
I represent myself as the buyer and I think that would be keeping me up at night if I got involved in it.
Brings up a lot of questions. Does the woman have a will? Someone is going to inherit this property when she dies. The nursing home (and/or Medicaid) might want the house to be sold before she dies so they can collect if she owes them money.
The home is a fixer upper apparently with lots of things that need taken care of.
A seller in an assisted living position, may be alert and competent enough to legally sign the listing agreement.
On the other hand, that same seller is not able to go around the home and find things to list on a disclosure statement. That can be more than they can be expected to do. In this case, it is listed as is, and the buyer will be the one to go around the home and figure out if it is to their advantage to buy the home and fix it up.
And yes it is legal and proper to do it this way.
The price being asked should reflect the fact that the home needs a lot of work, and priced accordingly.
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