People may have questions about what happens during a probate sale. This often occurs after a homeowner dies without a will. Learn the basic functions of a probate sale in Oklahoma and the court’s involvement in the process.
Steps of the process
A probate sale occurs when the property is listed after the owner’s death. People often die without assigning heirs to inherit their homes. Probate includes the process of evaluating and selling a decedent’s property to the public. The home is appraised at an accurate value and sold at a fair cost.
A probate sale of real property differs from a normal real estate sale because it is regulated and marketed by a probate court. Instead of being overseen by a family member or a real estate agent, the court oversees the entire process.
The probate court determines the appraisal value of the home using the expertise of a real estate agent or property appraiser. Then, buyers make their offers followed by a minimum 10% down payment. Bids are allowed to exceed the amount of the accepted bid. The buyer who makes the highest bid is often the winner.
The court has to decide to make the sale official at a confirmation hearing. The last step is the deceased owner’s family must be informed of the final sale.
The significance of the probate court
The selling of a deceased owner’s property is achieved through a probate sale. A probate court provides oversight to every step of the process from the property’s appraisal to the bids and its final sale. The final decision of the court is then acknowledged and accepted by all parties.