Let’s get straight to it! The answer to the often-asked question, “Can a Miami house be sold during probate in Florida?” is YES.
BUT you must adhere carefully to your state’s pertinent rules and regulations.
The Probate Court Will Monitor Every Step You Take.
If you’re the executor, you too must oversee and approve all the terms of the sale. The process can be complex. But don’t worry! Understanding what’s involved will make things go a little smoother.
Appointment of Administrator/Executor
If the decedent’s will designates a specific individual to act as the executor (and that person is willing), then he or she will officially be appointed as the executor.
Alternatively, if no one is specified in the will, then a near relative will be appointed as administrator by the court and/or other relatives.
The next step is to have the property appraised.
Don’t just assume any appraiser will do. The professional you choose must be licensed and have a good reputation.
The end sale amount must cover at least 90% of the appraised value. That’s why hiring an appraiser who knows what they’re doing is critical!
- Your agent will list the house on the MLS so that buyers will know it’s a probate sale.
- Interested buyers will come to view the property.
- An interested buyer will propose an offer that you can accept or reject (alongside a 10% deposit).
- If you do accept, the offer requires confirmation from the court.
- To receive the court’s confirmation, the offer must be submitted through your probate attorney to the court.
- If everyone is in agreement, then a date can be set for the sale to be finalized in court.
- A Notice of Proposed Action must be mailed to all the heirs.
- This document states the terms and conditions of the proposed sale.
Heirs have 15 days to review the notice and object to the terms if they wish to do so.
If no one objects, the sale can go forward without a court hearing.
Before the court can go ahead and approve the original buyer’s offer, the judge will ask those present in the courtroom whether any of them wish to bid on the property in question.
If no one does, then the sale can advance as necessary.
Now, here’s where it can get a little complicated.
If someone puts a higher bid forward, the 10% deposit belonging to the original buyer must be refunded prior to any further action.
When the overbid is accepted, the new buyer must put up a 10% deposit, which is required to 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.
The contract is signed upon court confirmation and approval.
However, since this is a specialized kind of sale contract there cannot be any contingencies. Furthermore, escrow will close soon after the hearing (typically within 15 days).
As you can see, there are some complicated rules when it comes to selling a house during probate. We advise that you consider contacting an attorney for more specific help and advice.