It is indeed possible for a house to be sold while in probate in Illinois, IL. However, similar to any real estate transaction, it is crucial to follow the relevant rules and regulations of the state strictly. The probate court will oversee every stage and aspect of the sale, and if you are the executor, it is your responsibility to supervise and endorse all terms of the sale. Although it can be a complicated process, understanding it will facilitate a smoother experience.
Can A House Be Sold While In Probate In Illinois IL?
Appointment of Administrator/Executor
If the individual who has passed away designated a specific person to serve as the executor in their will, and that person is willing to take on the role, then they will be officially appointed as the executor. However, if no executor has been designated in the will, then either the court or other close relatives will appoint a near relative to fulfill the responsibilities as an administrator.
Appraisal
The subsequent phase involves obtaining a professional appraisal of the property. Nonetheless, it is crucial to ensure that the appraiser selected possesses appropriate licensure and a solid reputation. To achieve a successful sale, the property must be priced at a minimum of 90% of its appraised value, necessitating the services of a competent appraiser capable of delivering accurate results.
Sale
This phase marks the initiation of the process that addresses the question, “Is it possible to sell a house while it is in probate in Illinois IL?” To proceed, your agent will commence by listing the house on a multiple listing service, ensuring that potential buyers are aware that it is a probate sale.
A prospective purchaser presents an offer with a 10% deposit, which can be either accepted or declined by you. Should you choose to accept the offer, it becomes contingent upon court confirmation. To obtain said confirmation, you are required to submit the offer through your probate attorney for review by the court. If all parties involved are in agreement, a specific date will be established for the completion of the sale within the court proceedings.
Once the court has accepted and confirmed the offer on the house involved in probate, it is necessary to send a formal Notice of Proposed Action to inform all the heirs. This document outlines the specific terms and conditions of the intended sale. Following receipt of the notice, the heirs are given a period of 15 days to thoroughly review its contents and express any concerns or objections they may have. In the event that none of the heirs raise any objections, it is possible to proceed with the sale without requiring a formal court hearing.
Overbidding
Now, this is the point where the situation becomes slightly more intricate. Prior to the court’s confirmation and acceptance of the initial buyer’s bid, the judge will inquire if any individuals present in the courtroom wish to make an offer on the property. In the event that no one expresses interest, the sale will proceed as per the customary process described previously.
In the event of an overbid, it is necessary to refund the original buyer’s 10% deposit before proceeding with the sale at the new bid price. Once the overbid is accepted, the new buyer is required to provide a 10% deposit, which must be in the form of a cashier’s check. This check for the accepted overbid deposit is to be presented to the executor/administrator during the winning bidder’s acceptance hearing.
After obtaining court confirmation and approval, the execution of a contract is permissible. However, it is crucial to recognize that this particular type of sales contract is unique as it must not incorporate any provisions for potential circumstances. Subsequently, escrow finalization promptly follows the court hearing, typically occurring within a 15-day timeframe.
There are intricate regulations involved in the process of selling a house during probate. It is highly recommended to seek the guidance of a legal professional for more personalized and detailed assistance.