Home Buying in Chicago>Question Details

Danae, Home Buyer in 60629

Can someone give me some info on an how an estate sale works?

Asked by Danae, 60629 Thu Jul 24, 2008

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If referring to a deceased persons real estate, Letters of Office are issued by the probate court, if a will is presented, an executor is appointed per will, if no will then an administrator is appointed, in some instances, if the sales price is below a certain price, the title company may accept other documents. Power of Attorney usually terminates on death of principal. Please make sure you have good legal counsel!, Good Luck to You
0 votes Thank Flag Link Fri Jul 25, 2008
If I am understanding your question correctly, you are asking the procedures for an esate sale? Meaning How do I sell a home that has been placed into an estate? Or is part of an estate.

If that is, in fact, what you are asking there usually are steps taken, ( ie) a power of attorney that imposes an executor to the will of the estate holder. That executor acts as if he were the original seller. They will list the property, if that is the desired effect, as if they were the owner, make decisions pertaining to said transaction and sale negotiations. Because this person is put in "charge" of the estate. Or named prior to it being instituted, the estate attorney will handle all legal proceedings, they will verify to the courts that no probate decisions will be enforced. They are treated as the owner, long before, or at the time instituted.

If that is NOT what you are asking, please feel free to call me directly or send me an email I'd be more than happy to help in anyway that I can.
0 votes Thank Flag Link Fri Jul 25, 2008
i must assume that you are asking how an estate sells a home or other piece of real estate,

from the buyer's perspective, it is pretty much the same as any other real estate transaction.

for the estate / seller, the biggest difference is that the person (persons) acting on behalf of the estate must prove that they have authority to do so.

if there is a probate estate in court, the seller must either present a court order approving the sale or present other evidence from the probate court to prove that court approval is NOT required.

if there is no probate estate, the title insurance company will have other requirements.

as always, consult a lawyer to get a more detailed answer to your question
0 votes Thank Flag Link Thu Jul 24, 2008
This is an open question that requires more clarity. If is what I believe your question is. You contact a professional service who will evaluate the entire content of a home, price everything, with a contract, promote, sale the contractual agreed items. The company will bring in a staff to handle all take a % of items sold. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Thu Jul 24, 2008
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