Yes, a house can be sold while it is in probate in Portland Oregon, though the process demands strict compliance with state regulations. Throughout this complex journey, the probate court maintains complete oversight, and as executor, you shoulder the responsibility for reviewing and approving all terms. While initially daunting, understanding the essential steps can transform what appears to be an overwhelming challenge into a more structured and manageable process.
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 individual receives formal appointment to the position. However, if no executor was designated in the will, the court and/or family members typically appoint a close relative to serve as administrator, entrusting them with managing all estate-related matters.
Appraisal
Following appointment, the property must undergo a professional appraisal. Selecting a qualified, reputable appraiser is essential for this critical task. Since the property must sell for at least 90% of the appraised value, securing an accurate assessment ensures both a fair market price and full compliance with legal requirements.
Sale
This phase is where the practical aspects of selling a probate property in Portland Oregon begin taking shape. Typically, you’ll start by having your agent list the property on a multiple listing service, clearly identifying it as a probate sale.
When a potential buyer emerges, they’ll submit an offer with a 10% deposit, which you may accept or decline. Upon acceptance, the offer must receive court confirmation. Your probate attorney will present this offer to the court for comprehensive review. With agreement from all parties, the court schedules a date to finalize the transaction.
Once the court confirms and accepts the offer on the probate property, a Notice of Proposed Action must be distributed to all heirs. This document thoroughly outlines all terms and conditions of the sale. Heirs then have a 15-day window to review the notice and raise any objections. If no objections arise during this period, the sale can proceed without requiring a formal court hearing.
Overbidding
This is where the process becomes more complex. Before finalizing the original offer, the judge will ask if anyone present in court wishes to place a higher bid on the property. If no one comes forward, 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 payment goes directly to the executor/administrator during the acceptance hearing.
Following court confirmation and approval, all parties can sign the contract. This specialized agreement cannot include any contingencies, and the escrow typically closes rapidly after the hearing, usually within just 15 days.
As evident, selling property during probate involves specific legal requirements and carefully structured procedures. For guidance tailored to your unique situation, consulting with an attorney who specializes in probate matters is strongly recommended.
We’re here to help you navigate your real estate challenges and would be happy to answer any questions you might have. Contact us by phone at 503-433-8550 or fill out the online form.
Need a step‑by‑step guide? Here’s our comprehensive Oregon Probate Checklist.”
Also, learn about taxes and pricing: Pricing an Inherited Home and Tax Consequences.”
Want to skip the burden and sell fast? We buy probate homes in Portland, as‑is.