It’s easy to assume that if you or a loved one pass away, your will is going to provide for fast and efficient distribution of your property and other assets to your beneficiaries. Considering the complicated nature of most legal procedures in the United States, it may not come as a surprise that even if you have a will, your estate may still need to pass through the probate process.
If the decedent’s name is the only one on a house title, the property will most likely end up in court. Where does that leave the beneficiaries? Well, they have a couple options. They can wait it out, possibly for months or even years, before the court resolves the case and assigns ownership of the property. At that point, the inherited property may be sold and the funds split up among beneficiaries.
Beneficiaries can also petition the court to sell the property. In this case, the court will administer a probate sale, meaning they will market and sell the property. A probate sale tends to take longer than a traditional home sale, due to a required waiting period between an interested buyer making an offer, and the confirmation of the sale. This time period is used to continue to market the property, and then any other interested buyers will have an opportunity to bid auction-style on the date the sale is set to be confirmed.
There are many different ways homes are sold, and a probate sale is just one of these.