The answer to the often-asked question “Can a house be sold while in probate in Tampa FL?” is “Yes.”
It is important to follow the rules and regulations of your state when dealing with probate court. The court will oversee the entire sales process, so as the executor, you will also need to review and approve all the sale terms. This process can be challenging, but having a clear understanding of estate will help things run more smoothly.
You can also read our article on what to expect during the probate process and how A+ Home Buyers can help.
Can A House Be Sold While In Probate In Tampa FL?
Appointment of Administrator/Executor
If the decedent’s will designated a specific person as the executor and that person is willing to act in that capacity, then he or she is officially appointed as the executor. If on the other hand, no one has been designated as executor in the will, then the court and/or other relatives will appoint a near relative to act as estate administrator.
Appraisal
When it comes to moving forward in the property selling process, the next crucial step is to have a licensed and reputable real estate appraisal appraiser evaluate the property. The appraiser’s task is pivotal as the property must be sold for at least 90% of its appraised value. This makes choosing the right appraiser essential to ensure an accurate valuation. AtA+ Home Buyers, we understand the importance of this step and the impact it has on the overall sale of the property.
Selecting a skilled real estate appraiser requires careful consideration and research. A reputable appraiser will have the knowledge and expertise to provide an accurate valuation that reflects the market value of the property. Their evaluation will not only help set the right selling price but also build trust with potential buyers. AtA+ Home Buyers, we work with a network of trusted appraisers who are committed to delivering reliable and unbiased real estate appraisal assessments. By prioritizing accuracy and transparency in the appraisal process, we aim to help sellers make informed decisions and achieve the best possible outcome in the sale of their property.
Sell Your House Fast - Get Your Instant Cash Offer Here 👇👇👇
Sale
This is when we take the necessary steps to sell your house while it is in probate in Florida,Tampa,FL. Your agent will list the house on a multiple listing service so that potential buyers are aware that it is a probate sale.
When a potential buyer is interested in purchasing a property, they will submit an offer along with a 10% deposit. You have the option to either accept or reject the offer. If you choose to accept the offer, it will be subject to probate court confirmation. Your probate attorney will handle the process of submitting the offer to the court for confirmation. Once all parties involved are in agreement, a date will be scheduled for the sale to be finalized in court. This ensures that the transaction is legally binding and properly executed.
When the offer on the house in probate has been accepted and confirmed by the court, a Notice of Proposed Action must be mailed to all the heirs. This document states all the terms and conditions of the proposed sale. Heirs then have 15 days to review the notice and raise objections if they have any. If none of the heirs has any objections, the sale can go forward without a probate court hearing.
Overbidding
Now, here’s where it gets a little complicated. Before the court confirms and approves the original buyer’s offer, the judge will ask those present in the courtroom if any of them would like to bid on the property. If no one does, then the sale proceeds in the standard fashion mentioned above with the estate agent.
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.
Upon court confirmation and approval, a contract can then be signed. But it is a specialized kind of sale contract because it cannot have any contingencies, and escrow closes soon after the hearing, usually within 15 days.
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.