When homeowners ask us, “Can a house be sold while it is in probate in Chicago IL?” we confidently tell them “Yes” – but with important guidelines to follow. The probate court closely monitors every aspect of the sale, and as executor, you must carefully oversee all terms. While this process can feel overwhelming, especially with older homes common in our service areas, understanding the key steps makes everything more manageable.
Can A House Be Sold While In Probate In Chicago IL?
Appointment of Administrator/Executor
The process begins when the designated executor from the decedent’s will accepts their role. If no executor was named in the will, the court and family members will appoint a close relative to serve as administrator. This crucial first step establishes who will navigate the often complex probate process, particularly important when dealing with older properties that may have compliance issues.
Appraisal
Next, you’ll need a professional property appraisal from a licensed, trustworthy appraiser. This step is critical because the home must sell for at least 90% of the appraised value. Choosing the right appraiser is especially important for older homes in Chicago that may have unique characteristics or potential code violations that could affect valuation.
Sale
Here’s where selling a house in probate in Chicago IL starts becoming reality. Your agent will list the property on a multiple listing service, clearly indicating it’s a probate sale. This transparency helps attract serious buyers who understand the unique nature of probate transactions.
When an interested buyer submits an offer with a 10% deposit, you can accept or reject it. If accepted, the offer requires court confirmation. Your probate attorney submits the offer to the court for review, and if approved, a date is set to finalize the sale in court. This step can be particularly reassuring for sellers facing tight deadlines or financial pressure.
After the court confirms the accepted offer, a Notice of Proposed Action must be sent to all heirs, detailing all terms and conditions of the sale. Heirs have 15 days to review and raise any objections. If no objections arise, the sale can proceed without a court hearing, streamlining the process and helping you close more quickly.
Overbidding
This is where the process becomes more complex. Before final court approval of the original offer, the judge will ask if anyone present wants to bid on the property. If no one does, the sale continues as planned with the original buyer. This open-court bidding process can sometimes work in your favor by driving up the final sale price.
If someone makes an overbid, the original buyer’s 10% deposit must be refunded before proceeding with the new sale at the higher price. The new buyer must provide a 10% deposit via cashier’s check, which is presented to the executor/administrator at the acceptance hearing. This transparency ensures all parties understand exactly what they’ll receive – a core value in our approach to real estate.
Upon court confirmation, a specialized contract can be signed. Unlike standard real estate contracts, this agreement cannot include contingencies, and escrow typically closes within just 15 days after the hearing. This accelerated timeline can be particularly beneficial for sellers needing a quick, definitive resolution.
As you can see, selling a house in probate involves specific procedures that can be challenging to navigate alone. For situations involving older homes or properties with potential code violations, professional guidance becomes even more valuable. We recommend consulting with an attorney who specializes in probate sales for personalized assistance.