Real estate question? Probate?
My grandfather recently died. Apparently, he did not have an adequate will, and his house (estate?) is in probate. Know what that means? I've always loved that house and have thought about buying it. No one seems to know what is happening now. Any help? Thanks.
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First of all a probate case has to be opened and the court is asked to appoint a personal representative to handle the disposition of the assets. If the court has determined that the will is flawed then the appointment of the personal representative becomes first in line. That representative will then inform the court of who the proper heirs are, what the assets are and in accordance to the state laws how the assets are to be distributed and to whom. Without that information the court can not deal with the probate and the case will be remanded to District Court for resolution.
Best of luck to you
Trot up to probate court in which county the home resides. This is all public record and you will be able to see whom has been appointed the 'executor'. This is the person that is responsible for liquidating the assets or dispensing them as the will states. Also on this document you will find the attorney that is handling the case, usually this person would like to have the matter resolved as quickly as possible so that they can collect their fees. Thus, they are willing to answer any and all questions they are legally allowed and if you are willing and able to purchase the home the process may be sped along. :-D
Probate - Superior court proceedings in which creditors are paid and heirs and other interested parties are distributed their rightful share of the estate. Estate property may be sold by court during probate period at public auction or private sale. Initial offer at the private sale must be for at least 90% of appriased value. Court is petitioned to confirm sale. At hearing, court accepts additional bids. First addition bid (overbid) must be at least 10% of first $10,000 of original bid and 5% of any excess. Minimum on further bids is at discretion of court. Court confirms final sale and stes broker's commission where applicable.
If the estate is in probate, it usually means that the state is trying to find out who the legal heirs are. They will then proceed to distribute the estate. If you are intereted in the house, contact the executor of the estate and talk with them, maybe something can be worked out...