We’re considering a home which is currently in guardianship. It will be sold with a guardian deed. The home is currently occupied by a rentor. Anybody familiar with writing offers with a guardian? Do you write for the asking price or is there room for negociation? What about closing? Does the court need to approve the sale or can the guardian? As time is of the essence, are these sales typically very long and drawn out processes? Are there any difficulties with getting a loan like there would be if we were buying a home being sold in foreclosure? Finally, what about the rentor’s rights?
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Replies
Law on such issues will vary, likely in significant ways, from state to state.
And making sure i's are dotted and t's crossed will be essential.
You need a lawyer for this....
The renter's rights are a
The renter's rights are a separate issue from the guardian one. Probably a real-estate agent can tell you what the renter's rights are (though real-estate agents have been known to lie). In some situations you can kick the renter out after a few weeks notice, while in others you have to let them stay until the rental contract expires. (And, of course, in a rent-controlled NYC property you have to wait for them to die.) A lot (but not all) depends on what in the rental contract.
Hard to say whether there would be additional hoops for a property sold by a guardian. In some situations the guardian has authority/rights equal to the "guardee" and can conduct business without any approvals, while in others the court may need to approve. And depending on the specific court involved (and the history of the guardianship) approval (if needed at all) might take three days or three months.