Th e 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. • Th e attorney for the estate then applies for a court date. Also known as a “con fir mation hearing,” the court date is usually within 30 to 45 days of th e fi ling date. A copy of the application and details about the sale are mailed to all invested parties. • Th e 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 a ft er the con fir mation hearing date has been set, the house will continue to be marketed . Th is is because during the court con fir mation hearing, the previously accepted bid could be “overbid.” Th e overbidding party must come to the hearing with a cashier’s check for at least 10% of the minimum overbid price to successfully overbid . Th e minimum overbid is determined by this formula: 10% of th e fir st $10,000, plus 5% of the balance of the accepted o ff er.
EXAMPLE: A property is listed at $400,000. Th e accepted o ff er is $375,000. Th e minimum overbid is calculated as follows:
Accepted o ff er = $375,000 +.10 x $10,000 = $1,000 + .05 x $375,000 = $18,750
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