The Probate Home Sale

When an offer to purchase a home being sold through probate in New Jersey has been accepted, a notice will be mailed to heirs of the estate. This notice is the Notice of Proposed Action.

The Notice of Proposed Action enables estate heirs to object to the sale of the home. Should an estate heir – or, should estate heirs – object to the sale of the home, a court date will be set.

Any offer to purchase a home being sold through probate must be equal to – or greater than – 90% of the appraisal value of the home. The appraisal value of the home is provided to the court by a licensed real estate appraiser who has been designated by the court to conduct such an appraisal.

Whats next?

The attorney for the estate schedules a confirmation hearing. This hearing takes place within 45 days of the filing date. Throughout the process, the listing agent of the home being sold through probate continues to show the home to prospective buyers.

One directive the listing agent has in continuing to show the home to buyers is to determine whether an over-bidder emerges. An over-bidder is a buyer who submits their offer to purchase the home at a sale price which is greater than offers which have been received, to date. Thus, raising the sale price of the home. Increasing proceeds for the estate.

In the event that there is an offer submitted by an over-bidder, the over-bidder attends a confirmation hearing. At the confirmation hearing, the over-bidder is required to present a certified check which is equal to or greater than 10% of the proposed sale price.