executor is named, if the named executor is unable or unwilling to serve, or if there is no will, the court appoints an Administrator. • Executor establishes a list price for the real property. The Independent Administration of Estates Act (IAEA) provides that the price may consider the appraisal by the Probate Referee. Listing price is normally determined with the assistance of a real estate agent experienced in probate and trust sales. The property is then listed for sale through that agent/broker. • The real estate agent markets the real property. This generally involves several approaches, including signage, newspaper advertising, online marketing, listing on one or more real estate websites and hosting open houses for other real estate agents and potential homebuyers. The real estate agent will also schedule appointments to show the property to interested parties who inquire directly. Buyers of probate property may 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 is 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, notice of the sale must be published in a generally distributed local newspaper.
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