Ever see a home listed as a “probate sale” and wondered what that actually means? Or even better, what does it mean when it says “court confirmation may be required”?
Here’s the short version:
A
probate sale happens when the homeowner has passed away, and their estate is selling the property. The estate isn’t a person; it’s just the legal term for everything someone owned when they passed away, like their house, bank accounts, and belongings. The person in charge of managing all that is called the executor (if there’s a will) or an administrator (if there isn’t a will).
Sometimes that person has Full Authority, which means they can sell the home just like any normal transaction. Easy peasy.
Other times, they have Limited Authority, and that’s when the court gets involved. If the sale needs court confirmation, the accepted offer isn’t final until a judge signs off on it. And here’s the wild part: at the court hearing, other buyers can show up and overbid, yes, like a mini auction in court!
So if you ever come across a probate property, it can be a great opportunity, but it comes with a few extra steps and a lot of patience. And a lot more emotional if you actually do have to go to a court confirmation.
If you ever spot one and want to know what to expect, just reach out. I can usually find out the details of any probate sale.
This is a very long way of saying, "Make a will, people!" If you own any property or have a family, you really need a will drawn to make sure that if you unexpectedly pass away, everyone knows what to do. If you pass away without a will, it's really a burden on the people you leave behind, something you can easily avoid!
