CHAPTER 5 How Selling A House In An Estate Differs From Regular Home Sales egular Home Sales In certain situations, a house may have to be sold through the probate court when someone dies. This may occur regardless of whether the person died intestate (i.e., without a last will and testament) or testate (i.e.. with a last will & testament), or without specifically bequeathing their real estate, or if the debts of the decedent require the property be sold to satisfy claims filed by creditors. When that happens, the court may administer and oversee the property’s sale according to state law. In such cases, the court wants the property marketed and sold at the best possible price and requires certain steps, processes, and procedures be followed. Probate laws vary by state, but a good real estate agent should be knowledgeable about probate sales both in general and in the specific state where the sale will take place. A probate sale is executed by the county court in the state where the property is located. Once the court determines that that the real estate should be sold, they will either sell the property through a public auction, or empower the executor or administrator to sell the property through a private or public sale. The executor or administrator will often choose to use the services of a realtor to market and sell the property. To determine the value of real estate the court normally requires an appraisal or comparative market analysis prior to the property being offered for sale. This is where it is important to engage the services of a knowledgeable real estate agent. If the last will and testament of the decedent authorizes the 28
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