Can A House Be Sold While In Probate In Aurora, IL?
The answer to the often asked question, “Can a house in Aurora, IL be sold while it is in probate?” is “Yes.”
However, you must follow all applicable state rules and regulations. The probate court will oversee every stage and detail of the transaction, and if you’re the executor, you’ll be responsible for overseeing and approving all of the conditions. It’s a complicated procedure, but if you grasp it, things will go a lot more smoothly. If you are interested in selling my Aurora, IL home fast then call the cash home buyers at Tony Buys Homes!
Is It Possible To Sell A House In Aurora, Illinois While It Is In Probate?
The Administrator/Executor is appointed.
If the decedent’s will names a specific person as executor and that person agrees to serve in that position, that person is formally named executor. In the event that no one is named as executor in the will, the court and/or other relatives will select a close relative to function as administrator.
The property will then be assessed as the following stage. However, you must ensure that the appraiser you hire is a licensed and recognized professional. You’ll need an appraiser who can get it right since the property must sell for at least 90% of the evaluated value.
This is where the answer to the question “Can a house be sold in Aurora, IL while it is in probate?” begins to take shape. You’ll begin by having your realtor advertise the property on a multiple listing service so that potential purchasers are aware that it’s a probate sale.
A prospective buyer makes you an offer, which you can accept or reject, along with a 10% deposit. If you agree, the offer will be subject to judicial approval. You must submit the offer to the court for confirmation through your probate counsel. If everyone is in agreement, the deal will be completed in court on a certain date.
A Notice of Proposed Action must be mailed to all heirs after the offer on the residence in probate has been approved and confirmed by the court. This document outlines all of the proposed sale’s terms and conditions. After then, heirs have 15 days to study the notification and file any objections they may have. If none of the heirs object, the transaction can proceed without the need for a judicial hearing.
This is when things become a bit tricky. The judge will ask people present in the courtroom if any of them would want to bid on the property before the court verifies and accepts the initial buyer’s offer. If no one bids, the sale will continue in the manner described above.
If there is an overbid, however, the original buyer’s 10% deposit must be reimbursed before the new sale at the new bid price may take place. After the overbid is accepted, the new buyer must put down a 10% deposit, which must be in the form of a cashier’s check. At the successful bidder’s acceptance hearing, this cheque for the approved overbid deposit is handed to the executor/administrator.
A contract can be signed once the court confirms and approves it. However, it is a unique type of sale contract since no contingencies are allowed, and escrow closes quickly following the hearing, generally within 15 days.
As you can see, there are a lot of laws to follow when selling a house that is in probate. For further particular assistance, it is recommended that you contact an attorney.