3. Marketing the Property: The property is marketed through various channels, such as signage, online listings, open houses, and direct showings. The goal is to attract buyers, although offers are limited by the court. The sale price must be at least 90% of the probate referee’s appraised value. 4. Notice of Proposed Action: A notice detailing the proposed sale terms is sent to all heirs. If no objections are raised within 15 days, the sale proceeds. If an heir objects, the sale must be published in a local newspaper. 5. Court Confirmation: The attorney files for a court date, typically within 30–45 days. Interested parties are notified, and the sale proceeds unless there is an overbid during the court hearing. 6. Ongoing Marketing: The property continues to be marketed until the court hearing, as an overbidder may emerge. The minimum overbid is determined by the following formula:
Formula for Minimum Overbid
Minimum Overbid = 10% of the first $10,000 of the accepted offer + 5% of the balance of the accepted offer.
Example:
- Listing Price: $300,000 - Accepted Offer: $275,000
Calculation: - 10% x $10,000 = $1,000 - 5% x $265,000 (the remaining balance) = $13,250 - $1,000 + $13,250 = $14,250
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