appointments to show the property to inquiring parties. Buyers of probate property might 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 will be 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, 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.
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