The probate process is a court-approved process that is designed to sort out the transfer of a person’s property at death. I have been involved with several sales of properties in probate, as the listing agent or the selling agent or both. Probate sales are different from regular sales in that once an offer has been accepted by the administrator or executor of the estate, the sale has to be approved by the court, unless full authority to administer the estate has been granted unter the Independent Administration of Estates Act (IAEA). It has been my experience that IAEA probate properties are easier and faster to market, as some buyers and agents are intimidated by the court-approved sales process, often because they do not want to fall in love with a home, just to be out-bid in court and also because they have not really bought the property until it is approved by the court.
Some tips for selling probate properties: There may be a lot of personal property that was left by the decedent and the problem of removing furniture, etc., can be burdensome. The last listing I sold was filled with old computers, old furniture and old CDs and DVDs. The heirs should carefully go through the property and set aside items that are precious, such as family photos and other memorabilia. There are companies that can remove the other unwanted items. A property in probate is listed just like any other with the asking price based on recent sales in the neighborhood. Where court approval is required, the price may be more attractive because the process is more lengthy and complicated cialis vente internet. Once an offer is accepted by the personal representative, the attorney for the estate will set a court date, which is probably at least a month out. During this waiting time, notices about the court date are placed in the local newspapers to attract additional offerers. There is a statutory formula for the first overbid. It is an additional amount equal to 10% or more of the first $10,000 and 5% on the amount of the original bid in excess of $10,000. If the court receives an acceptable overbid, the court will ask for additional overbids. The judge will usually establish minimum increments as to the additional overbids. All overbids will be taken into account based on the gross amount of the bid. . If you are a prospective bidder on a probate listing, it might be advisable to set a limit on the amount you will pay, in case the price is bid up beyond the value of the property. This is a simplification of the process, and only an attorney can give proper advice.
