It is sometimes necessary to sell a property while in probate. If you are an executor for the deceased and responsible for this transaction, there is a lot you need to know. Your BHHS Fox & Roach agent can be of help. Here are the steps you will most likely need to follow to transact the sale correctly in the State of New Jersey.
- First, it is important to ensure that you comply with local real estate law. A lawyer experienced in probate should be able to guide you on the exact steps as they apply to your case.
- Next, you will want to get the property appraised by a reputable, objective appraiser.
- In order to list the property, you will need to file a petition to sell with the probate court.
- List the home for sale. When you accept an offer, be sure to tell the prospective buyer that the sale is contingent upon approval from the court.
- Once an offer has been accepted on the property, petition the court for a hearing confirmation so that the sale can be transacted.
- You will need to advertise the sale and offer price to allow for open bidding at the court hearing. This process allows the court to ensure the best possible offer has been achieved. If a new offer supersedes the original, you will need to return the original deposit and proceed with the new offer.
- Once the sale is closed and all fees paid, the proceeds would be added to the estate funds for proper distribution.
Selling a property can be stressful. Selling a property at a time of loss can compound that stress, especially if there are creditors and multiple beneficiaries involved, and having knowledgeable and committed support can make a big difference. The space may need to be cleared, cleaned, refreshed, repaired and staged if your intent is to maximize the selling price. It will need to be actively marketed and shown to qualified buyers to attract the best possible offers. Appraisals, inspections, negotiations, and closing will all take time and energy.
Your BHHS Fox & Roach agent can be a priceless source of support, helping to identify resources, sharing the burden of the work to be done, and offering a compassionate shoulder throughout the process.