We are cash home buyers Delaware, and can help simplify the process when dealing with inherited property in probate. The answer to the often-asked question, “Can a house be sold while it is in probate in Delaware County, PA?” is “Yes,” but as is true of any home sale, 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 smoother.
Appointment of Administrator/Executor
Suppose the decedent’s will designates a specific person as the executor willing to act in that capacity. In that case, they are officially appointed as the executor and deal with all probate completion. If, on the other hand, no one has been designated as executor in the will, then the court and other relatives will appoint a near relative to act as administrator.
Home Appraisal
The next step is to have the property appraised. However, you must ensure that your chosen appraiser is licensed and reputable. The property must sell for at least 90% of its appraised value, so you need an appraiser to do the job right.
A House Can Be Sold During Probate
This is where the answer to “Can a house be sold while it is in probate in Delaware County, PA?” becomes a reality. You’ll start by having your agent list the house on a multiple listing service so buyers know it’s a probate sale.
An interested buyer makes an offer with a 10% deposit, which you can accept or reject. If you take it, the offer is subject to court confirmation. You must submit the offer to the court through your probate attorney for confirmation. If everyone agrees, a date is set for the sale to be finalized in court.
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 have objections, the sale can go forward without a court hearing.
Overbidding Can Lead to Complications
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 in the courtroom if they would like to bid on the property. If no one does, 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 put up a 10% deposit, which must 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. However, 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, some complicated rules exist for selling a house while in probate. I think you should contact an attorney for more specific help.
