What Is Real Estate Probate?
Real estate probate is the legal process following a homeowner’s death, where the property either transfers ownership to someone or is sold. Many legal aspects of the probate process—such as filing the initial and closing petitions—will be handled by your probate attorney. If the decedent’s estate includes property that you intend to sell during probate, you’ll also need a real estate agent with probate experience.
Probate Real Estate in 4 Parts
The probate process may seem confusing between the court proceedings and legal documents, however, probate properties will typically follow the same course. In general there are four main steps to the probate process (though exact proceedings can vary depending on your state).
Executor of the Estate
Who is the executor?
For the probate process to begin, an Executor of the estate must be appointed. Typically, the Executor is named in a decedent’s will, but if not the court will appoint an Administrator to fulfill the role. The will includes whether or not the property will be inherited by an heir, or if it will be sold.
How much is the property worth?
If the property will be sold, the Executor will then determine a listing price for the property in question. The list price will be determined after an appraisal with the help of a real estate agent experienced in probate sales.
Selling for top dollar
After the listing price is established, the property will then be put on the market. The real estate agent working with the property will market it like any other home, using signage, websites, and more to attract a high offer.
Approval and Sale
An offer is made and accepted
Once an offer is submitted, the real estate agent will negotiate the terms to satisfy both parties. An official notice will be mailed to all heirs of the estate, establishing a 15 day period to object to the sale of the property. If there are no objections, a court date will be scheduled where the sale of the house will be officially executed.
Why Choose Enterprise Realty Brokers?
Enterprise Realty Brokers’ agents handle many real estate listings in the Chicagoland each year.When it comes to Probate listings specifically, several of our agents are CPRES (Certified Probate Real Estate Specialist) Certified, indicating that they have training needed to handle your Probate property sale properly. In addition to just selling your Probate home, we can also assist or provide guidance with estate sale of personal property, repairs needed to sell your property, staging, moving and more!
Unmatched Chicagoland Area Knowledge
Extensive Training in Selling Probate Listings
Dedication to client service & satisfaction