The answer to the often-asked question “Can a house be sold while it is in probate in Fort Myers FLORIDA?” is “Yes.”
Indeed, adhering meticulously to the relevant rules and regulations in your state is crucial when dealing with the probate process. The probate court closely oversees each stage and aspect of the sale, and as the executor, you bear the responsibility of monitoring and approving all terms related to the sale. While the process can be intricate, a clear understanding of it can significantly contribute to making the proceedings more manageable.
Can A House Be Sold While In Probate In Fort Myers FLORIDA?
Appointment of Administrator/Executor
Exactly, if the decedent’s will explicitly names an individual as the executor and that person is willing to take on the role, they are officially appointed as the executor. Conversely, if the will does not designate an executor, the court or other family members may appoint a close relative to serve as the administrator of the estate. This process ensures that there is someone legally responsible for managing and overseeing the affairs of the deceased person’s estate.
Appraisal
The next step is to have the property appraised. But you must make sure the appraiser you choose is a licensed, reputable appraiser. The property must sell at a price that is at least 90% of the appraised value, so you need an appraiser who can get it right.
Sale
This is the step where the answer to “Can a house be sold while it is in probate in Fort Myers FLORIDA?” begins to become a reality. And you’ll start by having your agent list the house on a multiple listing service so that buyers will know it’s a probate sale.
An interested buyer makes an offer along with a 10% deposit, an offer which you can accept or reject. If you do accept it, the offer is then subject to court confirmation. You must submit the offer through your probate attorney to the court for confirmation. If everyone is in agreement, then a date is set for the sale to be finalized in court.
Once the court accepts and confirms the offer on a probate house, it is essential to send a Notice of Proposed Action to all the heirs. This document outlines the terms and conditions of the intended sale. It provides heirs with a 15-day window to review the notice and raise any objections they may have. If there are no objections from the heirs during this period, the sale can proceed without the need for a court hearing.
Overbidding
Now, let’s dive into the intricacies of the process. Once the court has reviewed and accepted the initial buyer’s offer, the judge will give an opportunity to anyone present in the courtroom to place a bid on the property. If no one expresses interest, the sale will proceed according to the standard method outlined earlier.
If, however, there is an overbid, the original buyer’s 10% deposit must be refunded before the new sale at the new bid price can proceed. When the overbid is accepted, the new buyer must then put up a 10% deposit, which is required to be a cashier’s check. This check for the accepted overbid deposit is presented to the executor/administrator at the winning bidder’s acceptance hearing.
Once the court validates and approves the transaction, a unique type of sale contract can be executed. This contract is typically free from any contingencies, and the closing of escrow usually occurs promptly after the court hearing, typically within 15 days. This streamlined process helps expedite the finalization of the property sale in the probate context.
As you can see, there are some complicated rules for selling a house while in probate. It is advised to consider contacting an attorney for more specific help.