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Updated almost 8 years ago,

User Stats

13
Posts
3
Votes
Jose Escobar
  • Real Estate Agent
  • Pawtucket, RI
3
Votes |
13
Posts

Probate Court Judge could Deny Sale due to price being "Too Low"?

Jose Escobar
  • Real Estate Agent
  • Pawtucket, RI
Posted

Hello BP Community,

I was wondering if anyone had any experience when dealing with properties that are going through probate. Long story short, I put an offer in on a single family (Owner Occupied) house in a good area and was accepted by the seller. This was over a month ago, but from what I understand, the offer would need to be Oked by the probate judge in order to continue the process. Between now and when my offer was accepted, the seller performed an appraisal of the property which came in $7k over my accepted offer. It doesn't really matter because my bank wants their own appraisal done using their approved appraisal companies, fine no big deal. I get a phone call earlier today from my agent stating, that the probate judge is saying the Accepted offer is "Too Cheap, for that Area" and making it seem like I am stealing this house. This house needs extensive work and is less that 1000 sqft. I believe my offer is fair considering the amount of work needed for that house and the actual size compared to the other houses in that area. Then my agent told me that, the seller's agent would need to go to court and pretty much explain why that appraisal is valid. So my agent is supposed to hear back from the seller's agent on the court dates. I guess my question is, can a probate court judge deny a sale based on a personal opinion? If you cant use a certified appraisal report to support the value of a property, then what can you use in this particular situation? Thank You for your time.