The answer to the commonly-asked question “Can a house be sold while it is in probate in Portland Oregon?” is “Yes”, but like any property transaction, you must strictly follow your state’s specific regulations. The probate court oversees every aspect of the sale, and as the executor, you’re responsible for reviewing and approving all terms. While the process can be challenging, understanding the key steps will help make your experience more manageable.
Can A House Be Sold While In Probate In Portland Oregon?
Appointment of Administrator/Executor
When the deceased’s will specifically names an executor who agrees to serve, that person is formally appointed to the role. However, if no executor was designated in the will, the court and/or family members will typically appoint a close relative to serve as administrator and handle the estate matters.
Appraisal
After appointment, the property must undergo professional appraisal. It’s crucial to select a licensed, credible appraiser for this task. Since the property must sell for at least 90% of the appraised value, an accurate appraisal is essential to ensure a fair and legally compliant transaction.
Sale
This stage is where the answer to “Can a house be sold while it is in probate in Portland Oregon?” begins to materialize. You’ll typically start by having your agent list the property on a multiple listing service, clearly indicating that it’s a probate sale.
When a buyer expresses interest, they’ll submit an offer with a 10% deposit, which you can either accept or decline. If you accept, the offer requires court confirmation. Your probate attorney will present the offer to the court for review. With everyone’s agreement, the court schedules a date to finalize the sale.
Once the court confirms and accepts the offer on the probate property, a Notice of Proposed Action must be sent to all heirs. This document outlines all sale terms and conditions. Heirs then have a 15-day period to review the notice and raise any objections. If no objections arise within this timeframe, the sale can proceed without requiring a court hearing.
Overbidding
Here’s where the process becomes more complex. Before finalizing the original offer, the judge will ask those present in court if anyone wishes to place a higher bid on the property. If no one does, the sale continues as outlined above.
However, if someone submits an overbid, the original buyer’s 10% deposit must be returned before proceeding with the new sale at the higher price. When the court accepts an overbid, the new buyer must immediately provide a 10% deposit via cashier’s check. This check is presented directly to the executor/administrator during the acceptance hearing.
Following court confirmation and approval, the parties can sign the contract. This is a specialized agreement that cannot include any contingencies, and the escrow typically closes quickly after the hearing, usually within just 15 days.
As you can see, selling a property during probate involves specific legal requirements and procedures. For guidance tailored to your situation, consulting with an attorney who specializes in probate matters is highly recommended.