Probate Sale Process 1. Appointment of an Administrator or Executor • If named in a will, the executor handles asset distribution. • If no executor is designated, the court appoints an administrator. 2. Property Valuation & Listing • The Independent Administration of Estates Act (IAEA) allows pricing based on an appraisal by a probate referee. • An experienced probate real estate agent helps determine market value and lists the property. 3. Marketing & Buyer Engagement • The property is marketed through multiple channels (listings, advertisements, open houses, and direct showings). • Buyers often seek probate properties at a discount, but offers must align with estate interests and court regulations. 4. Notice of Proposed Action • A notice outlining the sale terms is sent to all heirs. • Heirs have 15 days to raise objections; if none arise, the sale proceeds without a court hearing. • If objections occur, a public sale notice is published. 5. Court Confirmation Hearing • The estate attorney files for a hearing, typically scheduled within 30–45 days. • All interested parties receive hearing details. 6. Overbidding Process • The property remains on the market even after an initial offer is accepted to encourage competitive bidding. • At the confirmation hearing, other buyers may overbid. • The minimum overbid formula: 10% of the first $10,000 t $10,000 + 5% of the remaining accepted offer.
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