• ANotice of ProposedAction ismailed 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 hearing date has been set, the house will continue to be marketed. This is because during the court confirmation hearing, the previously accepted bid may be “overbid.” The overbidding party must appear at 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 the following formula: 10% of the first $10,000 plus 5% of the balance of the accepted offer.
EXAMPLE: A property is listed at $200,000. The accepted offer is $175,000. The minimum overbid is calculated as follows: Accepted offer = $175,000 +.10 x $10,000 = $1,000 + .05 x $165,000 = $8,250 Minimum overbid = $184,250 x .10 = $18,425 required amount of cashier’s check
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