The Lotus Realty Group

Probates-Definition and Process

A probate is the legal process of resolving all claims of the deceased, which includes properly distributing the property of the deceased as stated under the will. An administrator or executor is nominated to manage the estate's affairs, including the selling of a property. Regardless of a will or lack of one, all property belonging to the deceased must go through the probate process unless the property has been placed in a living trust. 

While homes listed for sale under probate are listed like other properties, probates are more complex and often take a real estate professional who has extensive experience. You have Options’ team of seasoned professionals is ready to help you through the probate process, whether you are purchasing a property under probate or seeking to sell a property as an executor. 

The probate process briefly follows these steps: 

*A buyer and agent place an offer on a property under probate

*The probate attorney for the estate will petition the probate court to confirm the sale of the property in a hearing

*Once in court, the estate is up for auction. The initial offer placed by the first buyer may be out-bid.

*The court confirms the sell of the property to the highest bidder

Property purchased under probate is a complex process, but a buyer can secure a great piece of property for a good price.