Probate Real Estate Sale Process
What Is A Probate Sale?
When the property owner passes and does not specify who should inherit the property after their death, the property is turned over to the courts. Probate can be avoided through a specific trust.
Appointment of an Administrator or Executor
The probate court will appoint an administrator or executor of the estate. If a person is appointed in a will by the decedent and if they choose to be the executor then that person is appointed as such. If there is no appointed executor, then the court will appoint someone to act as the executor.
Property Is Then Listed For Sale
The executor will need to hire an attorney to assist with the real estate sale. Executor need to get a real estate appraisal before listing the property for sale. and through the assistance of a real estate agent, the agent will market the property to the public.
Court Approval/Confirmation Before Sale Is Finalized
The court must approve the sale before it can be finalized. At the Court hearing, potential buyers whose offers were accepted by the court can show up and bid on the property. The court will supervise the process.
