Home Sale Contract and Mental Incompetence

[Ryan MacDonald]

Hello,

I have a question relating to the signing of a home sale contract and the seller being declared mentally incompetent.  I recently got a home under contract at the beginning of April with the intentions of closing the home sale quickly as the seller was struggling financially and needed to sell the home in order to afford bills and buy food.  My contract is set to expire on Friday 4/28 but I was notified yesterday that the seller has been deemed mentally incompetent and will not be accessible by the state until Thursday 4/27.  

Doing some quick research, I understand that a judge can deem a contract null and void if the seller is deemed mentally incompetent and didn't understand the scope and consequences of the contract they were signing. However, I also understand that a judge can determine the contract executable if the person declared mentally incompetent was fully aware of the consequences for signing a contract.  I feel that since I had several phone conversations and met with the seller in person three times before signing the contract and they were completely aware that I was buying the home at a discount because I could close quickly using all cash, that this would make them fully aware of the terms of the contract and thus help me make a case for being able to continue with the contract. Does anyone have any experience with something like this with some possible advice?

I spoke to a fellow investor and they suggested that I continue with the contract until I can connect with the seller on Thursday to determine if he is still declared mentally incompetent or not so that I have the option to extend the contract.  So this is the route I will go for now.

Thanks!

Ryan