What is an intestate probate sale?
If the estate is intestate or does not have a will, usually that estate will have to go through the formal probate process. This means that the court controls the entire sale and bidding process for the home.
Every state has different rules, regulations, and practices for intestate probate sales, but generally they follow the same steps. The executor has the house appraised, gets court approval to sell, and finds a top real estate agent to work with.
Some agents have Certified Probate Real Estate Specialist (CPRES) designations, so they’re knowledgeable about court regulated probate home sales. Look for this certification on an agent’s profile or ask your probate attorney to help you find a real estate agent with this certification.
Once you’ve partnered with an agent, they’ll market and sell the home. Depending on the jurisdiction, this might involve a public auction or a private sale. Timelines for the sale process vary by state as well, but the sale should be completed before probate has been closed.
After you accept an offer, you’ll file a petition with the court to get approval for the sale, and a hearing date will be set, typically 30 to 45 days out. In the meantime, other buyers can step forward and outbid the current buyer.
At the hearing, if there are other interested buyers, the judge will start the bidding process in order to sell the property for the best possible price to benefit the estate and its heirs.
What is a testate probate sale?
In some states, if a will is present, then you can petition the court to sell the home yourself, outside of probate court. In fact, selling a probate property without court involvement is often easier and less expensive because you won’t have to pay court fees, you can go through a traditional home sale process, and you’ll have much more control over everything.
The ability to close the probate process and sell the home without court intervention depends on your state laws, so you’ll need to check in with your probate attorney.
When in doubt, ask the experts for help
Probate can be a long and draining process, even if you’re not selling the property. It’s confusing, the laws are very particular, and they vary from state to state. The best help you can give yourself is to connect with experienced professionals to guide you through the entire process.
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