The answer to the often-asked question “Can a house be sold while in probate in Connecticut?” is “Yes.”
But you must adhere carefully to your state’s pertinent rules and regulations. The probate court will monitor every step and all aspects of the sale, and if you’re the executor, you, too, must monitor and approve all the terms of the sale. It can be a complex process, but understanding it will make things a little smoother.
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 administrator.
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.
Typically an interested buyer may make an offer on the property at any time. However, in the case of a probate sale, the offer must be accompanied by a 10% deposit. The estate representative will then accept or counter the offer, just like any other sale.
The offer is subject to the court’s confirmation. Even though the seller may have accepted a buyer’s offer, the seller is not committed to that buyer or their offer. The estate representative, through their probate attorney, will then petition the court to confirm the sale. A future date is chosen for the sale to be confirmed in the court.
Now, after the property is advertised on the market and the the final decision is made by the probate court on who should buy the property a future date is chosen on when the house will be sold. We work closely with probate courts and realtors to make sure the process goes smooth.
We have been in this industry for years and our reputation speaks for itself. If you are interested in choosing us to help you through selling your house in probate in CT, you are always here. contact us through our website form. For immediate assistance, you can leave a quick message here and we will get back to you as soon as possible.
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This is the step where the answer to “Can a house be sold while it is in probate in Connecticut?” 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.
When the offer on the house in CT 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 court hearing.
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.
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. If you have a house in probate in Connecticut and your looking to sell. Contact us to and we will let you know quickly if we can help you sell your probate house in Connecticut.
We’re ready to help you reach your real estate goals and will be glad to answer any and all questions. Contact us by phone at 203-513-9672 or fill out the online form.