When it comes to settling a will and dealing with an estate, one of the biggest and most important issues is how to sell real estate. Real estate that is in probate cannot be sold like a normal house. In New York, you need to go through a certain procedure to ensure you legally and appropriately sell the house. This can mean hundreds of thousands of dollars hang in the balance, so it is crucial to get it right.
How do I handle real estate in probate?
Get the house appraised first. You need to know how much it is worth. Then you can work with a realtor to get it put up for sale. Your realtor will put a note on the listing showing that it is a sale of real estate in probate. After that, buyers can submit offers on the real estate, which must also have a ten percent deposit included. Then the legal process starts.
If you accept an offer, then your realtor and attorney will notify the court of the sale for the court to validate. The court will set a date for the sale and also start the process of informing all legal heirs of the sale. They have 15 days to raise objections or concerns. If everything is clear, the court holds a sort of auction on the specified date– other potential buyers can come in and offer higher bids. If nobody offers a higher bid, the original buyer can proceed with the purchase.
As you can see, it’s a bit trickier than a normal real estate sale, but the purpose is to make sure the heirs are all satisfied with the deal and that other people have the chance to bid on the home.