You can accept an offer to buy a house while it is still in probate, if you strictly follow your state’s rules. The probate court will monitor all aspects of the sale. Be aware that the executor or administrator of the estate also must monitor and approve the terms of sale. Buyers must submit offers to the court and all parties must strictly follow the guidelines — and deadlines — of probate court rules. You must first retain a real estate agent experienced with the probate process to market the property. Here is a list of Qualified Probate Real Estate Agents.
Executors and Administrators
Per the Independent Administration of Estates Act (IAEA), executors will establish and/or approve the selling price for a house in probate. Usually, the executor will order a fair market value (FMV) appraisal to determine an appropriate selling price for the property. The executor will list the home for sale with a probate-experienced real estate agent. Executors will then work with the real estate agent to negotiate an acceptable sale to qualified prospective buyers.
Real Estate Agents
Experienced real estate agents understand that a probate sale typically attracts buyers seeking bargains. However, in most cases, they know to advise buyers that offers should be at least 90 percent or more of the listing price, as the selling price reflects the home’s fair market value. Once an acceptable buyer is found, the real estate agent works with the executor to negotiate acceptable terms.
Once you accept the offer and its terms, it mails a notice of proposed action, with the details of the sale to all heirs. These people, with a vested interest in probate proceedings, have 15 days to review the terms of sale and advise the court if they have objections to the sale or its conditions. If an heir has an objection, notice of the sale must be published in a well-distributed local newspaper in many jurisdictions. Much depends on the authority of the executor, who may have “full independent powers,” eliminating some publishing requirements in other jurisdictions.
A Qualified Real Estate Agent May Provide Simple Solution
A Qualified Real Estate Agent can speed up the process with the Probate Attorney in some cases within two weeks to get home where it can be sold by the Personal Representative of the Estate. Once this is done a normal sale of the property may take place where a Real Estate Agent simply list and markets the property for sale in the usual fashion. In the Pinellas County area TalkToAl.com provides this service.