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, a sale notice must be placed in a generally distributed local newspaper. • The attorney for the estate then applies for a court date. Also known as a “confirmation hearing,” the court date is usually within 30 to 45 days of the filing date. A copy of the application and details about the sale are mailed to all invested 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 hearing date has been set, the house will continue to be marketed. This is because during the court confirmation hearing, the previously accepted bid could be “overbid.” The overbidding party must come to the hearing with a cashier’s check for at least 10% of the minimum overbid price to successfully overbid. The minimum overbid is determined by this formula: 10% of the first $10,000, plus 5% of the balance of the accepted offer.
EXAMPLE: A property is listed at $400,000. The accepted offer is $375,000.
The minimum overbid is calculated as follows:
Accepted offer = $375,000
+.10 x $10,000 = $1,000
+ .05 x $375,000 = $18,750
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