Court-confirmed probate sales can be, to say the least, more than a little confusing – even for buyers and sellers who have experience in this area. If you intend to go the route of a traditional sale for a probate property, you will need the services of an experienced probate real estate agent to guide you through the whole complex process. For, typically, probate house sales take place when a decedent left no will, and the court appoints an executor of the estate. The probate court, then, oversees every step of the probate process, especially the sale of property. So if you’ve been wondering, “What is probate sale in real estate if you’re in Lincoln, NE?” . . . read on to get some insight.
Types of Probate Proceedings in Real Estate in Lincoln, NE
There are basically three types of probate sale in real estate if you’re in Lincoln, NE, and these are:
This is the most common in Nebraska and occurs when the heirs and beneficiaries are getting along without disputes and there are no tax or creditor problems. After distribution of the estate property, the proceeding is closed by the filing of final accounting with the court, which declares that everything has been properly taken care of.
UNSUPERVISED FORMAL PROBATE
Even though it is called “unsupervised,” this type of probate still involves court supervision and oversight. This means that the judge has to approve many of the actions taken by the personal representative, especially selling real estate.
SUPERVISED FORMAL PROBATE
This is the type of probate many have in mind when they ask, “What is probate sale in real estate if you’re in Lincoln, NE?” With supervised formal probate, the court steps in to supervise and oversee every single step of the probate process, especially the distribution and sale of property.
Probate Sale Process in Real Estate in Lincoln, NE
The probate sale process is typically more complex and often much lengthier than a traditional real estate sale. The probate court oversees the whole process, and there are specific steps to be followed and protocols to be adhered to. Here are the typical steps in the sale process:
GET COURT APPROVAL FOR THE SALE.
Technically, the executor can often list the real estate without court approval, but this is discouraged by real estate experts. It’s best to wait till the official probate proceedings have been initiated.
HIRE AN AGENT
The next best step is to hire a real estate agent with experience in probate sales. Probate sales are different, so it’s imperative to have an agent with experience in this area.
MARKET THE REAL ESTATE
As with any real estate sale, probate property must be effectively marketed. The listing agent does have to disclose, however, within the listing that it is a probate sale so that other agents and buyers will understand the buying conditions.
RECEIVE OFFERS . . . AND GET COURT APPROVAL
This is where the answer to the question “What is probate sale in real estate of you’re in Lincoln, NE?” gets a little more involved. Anyone making an offer on a probate property has o put up a 10% deposit. Then the executor can accept or decline the offer, but still has to get approval from the probate judge who can decline an accepted offer.
WAIT . . . AND WAIT SOME MORE
Once an offer is accepted by the executor, it’s time to wait. The probate attorney then has to petition the court for a date for approval of the accepted offer. Generally, the time between an offer’s submission to the court and the court date is about 30 to 45 days. The property will remain on the market during this period, so any further offers will have to be high enough to take into account the accepted offer.
GET COURT CONFIRMATION
All bidders must show up on the court date for the next step in the process, which is the court-supervised auction format. During this auction period, potential buyers can try to outbid one another until the highest bid is arrived at.
GET A DEPOSIT
At the close of bidding, the winning bidder must present a 10% deposit of the maximum bid amount. A buyer who fails to do this will lose out, and the sale will go to the next highest bidder.
WAIT ON INSPECTIONS
Usually, the winning bidder will then ask for an inspection of the property. A bidder who isn’t satisfied with the inspection can still back out, but she will lose the 10% deposit.
AN EASIER PROBATE SALE
The short answer, then, to the question “What is probate sale in real estate of you’re in Lincoln, NE?” is that it is a lengthy, legally complex, court-supervised process. And often it’s much more than most people want when piled on top of the emotional stress after losing a loved one. But what if you could shorten part of the sale process, making it much more streamlined and far less stressful? If that sounds appealing, then you might consider a top Nebraska cash buyer. You can sell as-is with no commissions and get a fair offer – and you may be able to close within five days.
To discover more, call us at (855) 291-5005 or fill out the easy online form.