Jeanette DiLuco CPRES - A GUIDE TO NAVIGATING YOUR INHERITED HOME SALE

through that agent/broker. • The real estate agent markets the real property. This generally involves several approaches, including signage, newspaper advertising, listing on one or more real estate websites and hosting open houses for other real estate agents and potential homebuyers. The real estate agent will also schedule appointments to show the property to interested parties who inquire directly. Buyers of probate property may be looking for a bargain; however, their offers are limited by the court. An accepted offer must be at least 90% of the Probate Referee’s appraised value. Once a buyer is found, the real estate agent assists the seller in negotiating terms that are satisfactory to both parties. • A Notice of Proposed Action is mailed to all heirs. A notice stating the terms of the proposed sale is distributed. The heirs have 15 days to present any objections. If there are no objections, the sale proceeds without a court hearing. If one of the heirs poses an objection to the Notice of Proposed Action, notice of the sale must be published in a generally distributed local newspaper. • The attorney for the estate applies for a court date. Also known as a “confirmation hearing” when the sale will be executed, the court date is usually within 30 to 45 days of the application’s filing date. A copy of the application and details concerning the sale are mailed to all interested parties. • The real estate broker continues to show the property. In the interests of possibly securing an “over-bidder” and raising the price of the home even after the confirmation

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