Selling a home that is still in probate can be a complicated process, but it can be done. There are a series of court-mandated steps to follow, and the process can be unforgiving.
The sale must involve the beneficiaries of the will, the executor, the court, the potential buyers, creditors, and anyone contesting the will, all of whom must follow strict rules during this process.
You’ll need an experienced probate attorney to help you navigate all of the rules and regulations, explain everything clearly, and finalize the sale.
We’ve put together a list of the steps necessary to selling your probate home fast so you know what to expect.
Appoint an Executor
After the will has been filed with the court, two weeks must pass while the notice is on public display at the courthouse (as required by law). After this, the process can begin.
First, the deceased’s will names an executor who will oversee the process.
They will arrange for the sale of the property, with the price based on the appraisal value and sold with the help of a real estate agent (hopefully) experienced in probate law.
List the Home
Offers submitted to the real estate agent must meet certain requirements and be approved by the court.
Offers are constrained by the court to a minimum of 90% of the appraisal value (minimum), and the real estate agent negotiates the terms on behalf of the estate.
Once an offer is accepted, a Notice of Proposed Action is mailed to all heirs or claimants, informing them of the terms of the sale.
Anyone wishing to contest the terms has 15 days to do so, after which the sale may proceed.
Finalize the Sale
After the offer is made and accepted and the court approves, the attorney for the estate applies for a court date, occurring 30-45 days later.
During this waiting period, the real estate agent may continue to show the home in the hopes of securing a better offer, or a better price may be offered during the court confirmation hearing itself.
If another buyer makes an offer during this hearing, a cashier’s check totaling at least 10% of the new price must be presented (10% of the first $10,000 + 5% of the balance).
After the court accepts the highest bid, escrow will be opened. 30-45 days later escrow will close and the sale will be final.
Selling a home while it is in probate can be a long and complicated process, involving courts, lawyers, real estate agents, heirs, claimants, and creditors. Speaking with a professional is definitely recommended.
This process may be more than you want to or have time to handle. We can help!
We buy homes fast, making you a no obligation, written cash offer within 24 hours, and we can close in as little as a week.
Contact us or call us today and we can help you sell your probate home fast.