Use this firsttuesday FARM Letter in your marketing. To request a FARM letter topic, or to see a list of all our FARM letter templates, visit our FARM Letter page.
Text only
Need to sell a property in probate?
Are you inheriting a property in probate or need to sell it? Are you unsure of the process and how to handle it? I can help.
A probate sale process includes:
- Court appointment of the executor or administrator of the estate – The executor or administrator is the person who has authority to sell the property, either named in the will or appointed by the court.
- Property appraisal – An appraisal is prepared by a count appointed probate referee. It’s then used by the executor or administrator to set a price for the property with the assistance of a seller agent.
- Marketing of the property – The property is aggressively marketed by the seller agent to obtain the highest and best price and terms. Offers need to be at least 90% of the asking price for an acceptance.
- Notification to all heirs – All heirs are notified of the accepted offer through a Notice of Proposed Action. When an heir objects to the offer, further court confirmation is required to proceed with the sale.
- Court confirmation and over-bidding – When court confirmation is required, a potential buyer may over-bid the accepted offer. Over-bids need to qualify by meeting a minimum amount set using an over-bid formula. Upon final court confirmation of the sale, escrow is open and the transaction proceeds to closing.
For professional probate sale assistance, please call me.
