Long Island NY probate
This is the legal process of collecting, organizing, and distributing a person's assets and estate. It involves the handling of a person's affairs, such as paying off debts or bills and distributing the remaining assets to heirs and beneficiaries.
Some assets like real estate may be sold off during probate. In fact, there are many benefits to selling a house in probate.
This is because properties can sometimes be more of a burden than a blessing. Homes continue to incur mortgage, insurance, and utility expenses even if nobody is living there. Selling the real property lessens the expenses and complexities.
So what is required to sell real estate through probate?
Let’s take a look at the process and break it down to make it easier.
The process of managing and assessing all the assets of the state will begin once an administrator or executor has been appointed. If they decide to sell the real property, there are steps that must be followed before listing the property.
With a probate sale of real estate, every step of the transaction should be approved by the court.
First, the executor should get an appraisal before listing the home for sale. The appraisal will be the basis for the asking price. In addition, the property will be required to be sold for a minimum of 90% of this appraisal estimate.
The appraisal should be done by a competent professional who is certified to do the job. This is to ensure that the appraisal will not be questioned. Make sure there are no conflicts of interest that would cast doubt on the figure provided.
The executor will then petition the court for the sale. Once the petition is granted, the property can be formally listed as a probate sale. Take note that most buyers will not even look at the house unless they see that the petition has already been granted.
You also have to keep in mind that potential buyers should be advised of the legalities of the property being sold in probate.
This is to help set the expectations that the sale will only be finalized once the court has given the confirmation.
A court confirmation hearing will be scheduled once an offer is made. While waiting for the hearing, the probate sale must be advertised with the offered price in the local newspaper. This is to inform other potential buyers who will have the opportunity to bid for the property at the actual court hearing.
A bidding process will take place if there are additional buyers during the court hearing, to be conducted by the court. At the end of the hearing, the court will confirm a final buyer. The executor can then complete the sale.
If you wish to sell a house in probate, you have to familiarize yourself with the laws pertaining to the process. Visit my website at http://LongIslandProbate.com/ for more information on probate sales.
If you are an executor and need assistance with the probate sale of real estate, call me, Rene Perrin, today at 516-802-3785. I have experience working with these more complicated sales and the required paperwork. Let me put my skills to work for you!