Need to sell a property
In Probate?
A probate sale requires knowledge of process. These steps include:
Court appointment
Court appointment of the executor or administrator of the estate – The executor or administrator has authority to sell the property.
Property appraisal
Property appraisal – An appraisal is used by the executor or administrator to set a list price for the property with the assistance of the real estate agent.
Marketing
Marketing of the property – The property is aggressively marketed by the real estate agent to obtain the highest and best price and terms. Offers need to be at least 90% of the list price to be acceptable.
Notifying
Notification to all heirs – All heirs are notified of the accepted offer through a Notice of Proposed Action. If an heir objects to the offer, further court confirmation is required to execute the sale.
Court confirmation
Court confirmation and over-bidding – When court confirmation is required, a potential buyer may over-bid the accepted offer. Upon final court confirmation and execution of the sale, escrow is open and the transaction can proceed to close.