PHASE ONE
Petition for Probate Filed and Will (if any) entered
Letters Approved as Executor or Administrator (Full or Limited)
Search for, send Notices to Creditors and Validate
Estate Bank Account Opened with Federal Tax EIN Number
PHASE TWO
Market and Receive Acceptable offer for Property
Letter of Testamentary/Administration Given Realtor for Escrow
Buyer Removes All Contingencies — Notify Attorney
If Court Confirmation needed:
Attorney requests a court date, usually 6 weeks in the future, to finalize the sale after the court bidding session where other potential buyers and the current buyer bid to establish the final price and buyer. This final buyer will be confirmed by the court.
The Realtor posts the court date and first over-bid price in the MLS and the attorney posts newspaper announcements. (First over-bid price is determined by law.)
At the court session, the Personal Representative, the attorney and the Realtor are present for the estate, along with the current buyer and any legal representation they wish. The Judge holds a structured auction for all attending bidders. Each bidder, one after the other, agrees to the increases in price that the Judge requests. This continues until there is only one buyer remaining who accepts the new increased final price.
Immediately after the court session, the winning bidder delivers his certified funds and completes the needed paperwork to open a new escrow. If the winning bidder is the original buyer, the current escrow continues The Personal Representative for the Estate and all Beneficiaries are bound to this final contract.
If No Court Confirmation is needed:
Notice of Proposed Action is sent to Beneficiaries to Approve the Purchase Contract (20 day period unless waived by each Beneficiary)
Deliver Signed Notices of Proposed Action Agreements/Waivers and Attorney Tax letter with Tax ID number to Escrow and Title
PHASE THREE
In either situation, Escrow Closes as Scheduled and Funds are Wired to Estate Bank Account
Estate Debts Cleared, Personal Representative and Attorney Fees Paid
Final Distribution to Beneficiaries
Probate Case Closed