If you have become the administrator or executor of a decedent's Connecticut estate which includes real estate that needs to be sold, it will up to you to facilitate the process of getting the property listed and sold and approved by the probate court.
BEFORE LISTING THE HOME:
As the fiduciary, you will need to take possession of the property, which includes securing it and having utilities transferred. After filing a Notice for Land Records/Appointment of Fiduciary in the proper town(s), you will need to take inventory of the estate, which includes providing a fair market value of any real estate.
VALUING THE PROPERTY:
There are several court accepted methods of getting a fair market value estimate on a property, one of which would be to engage the services of a local experienced real estate agent familiar with the probate process.
A qualified probate realtor will view the home, establish its market value, and provide a market analysis report you can use in court. Your real estate agent will also be able to cover what should and should not be done to make the home more marketable.
You will want to establish the balance of any mortgage on the real estate as well as any debts against the estate that may need to be addressed with the sale of the property.
YOU ARE NOW READY TO LIST THE HOME!
Once you have a good idea of all of the above, and have taken steps to get the property market ready - it is time to get the property listed for sale on the open market! Listing with reputable Realtor will get you the greatest exposure and maximize sale proceeds.
Once a buyer is secured, the sale will need to be approved by the probate court before it can be finalized.
Probate sales are complex specialty transactions. Few real estate agents are experienced or well-versed in the probate process. Make sure to choose an agent who specializes in probate real estate, and who understands the process, as well as the intricacies of pricing, marketing and presenting such properties.
Last Updated on October 19, 2020 by Minna Reid