The Probate Process.

Selling real estate through probate or trust involves a court-regulated process that requires careful management. It's overseen by the court, with strict deadlines and specialized documentation. Key players include the Executor/Administrator, the estate's attorney, a real estate agent, potential buyers, and their agents. Everyone must adhere to court guidelines.

Probate sales have unique terms and paperwork due to court involvement. If you're in this situation, your agent should understand probate sales and communicate clearly. Here's a rundown of the process:

  • The appointed person (Executor) handles asset distribution, including property. If none is named, the court appoints an Administrator. The property can't be sold until this is sorted.

  • Executor sets a price based on a Probate Referee's appraisal, often with a probate-experienced agent's help. Listing happens through the agent.

  • The agent promotes the property heavily to attract strong offers. This includes signs, ads, online listings, and open houses for agents and buyers.

  • Court-set rules limit offers to at least 90% of the appraised value. Offers within this range are considered.

  • Agent helps in negotiating terms between buyer and seller once an offer is accepted.

  • All heirs receive a notice detailing the sale's terms. They have 15 days to object. No objections mean the sale can proceed without a court hearing.

  • If necessary, a sale notice is published in a local paper, as mandated by the will.

  • The attorney applies for a court date (confirmation hearing) usually within 30-45 days. Interested parties receive details. The agent continues marketing to attract better offers.

  • At the hearing, others can outbid the accepted offer. They must bring a cashier's check, calculated based on set formulas.

  • The highest overbidder pays, and escrow opens. Closing happens about 30-45 days after the court hearing.

Case Studies

Explore these real-life case studies showcasing how we've effectively assisted our clients in achieving top-dollar sales for their properties. In some instances, estate sales necessitate renovations to optimize outcomes for our sellers.

HOW DID WE GET $100,000 OVER ASK FOR THIS PROPERTY?

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After

ANOTHER SUCCESS STORY!

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After

John and Anne R.

"All we can say is WOW! We were very impressed with Nick's professionalism, personal attention, and marketing strategies. Nick is a first class, high caliber, real estate professional. We received his personal attention almost on a daily basis. He was always available for questions, and made us feel like we were his only client. He is gifted, talented and knows his market. Our Flatiron district penthouse sold within 7 days and for considerably more than our expectations which reflected the impressive use of his network of brokers. We were totally impressed and would recommend Nick to anyone who wants to sell their apartment."

About Nick

Nicholas Athanail, Esq.

Licensed Associate

Real Estate Broker

New York State Fiduciary #125133

A Licensed Associate Real Estate Broker with Lawyer Experience

Nicholas Athanail is a seasoned real estate broker with a stellar track record, known for his dedication to clients and his community. Licensed by the state of New York to handle Estate Sales, Nick's effectiveness as a real estate professional is evident in his remarkable career.

With over two decades of experience, Nick has consistently excelled, earning accolades such as being named Broker of the Month and a member of the prestigious Multi-Million-Dollar Club at Corcoran since he joined in 2002. His success is not only attributed to his achievements but also to the enduring client relationships he has cultivated over the years.

Nick's clients value his unwavering commitment and focus on ensuring smooth and efficient real estate transactions. He provides honest, realistic guidance, empowering clients to make informed decisions, leveraging his intuition, extensive experience, and business acumen.

Nick's academic journey led him to graduate as Valedictorian at Manhattanville College, and he later earned his law degree from New York University School of Law. He practiced transactional law at top-tier law firms in the city for over a decade, where he refined his skills in serving clients effectively and closing deals successfully.

As a proud New York native, Nick possesses comprehensive knowledge of Manhattan's various neighborhoods, ensuring that he assists each client in meeting their unique real estate needs with professionalism and care. His personal experience as a property owner and investor further reinforces his commitment to finding the right home and the best value for his clients.

Beyond his professional endeavors, Nick is an active leader in the community. He serves as the Vice Chair of Manhattan Community Board Five and as Director of the Flatiron BID, where he has received recognition with the Chairman's Award for his exceptional service and dedication. On a more personal note, Nick has served as President of his condo board since 1998.

When you are seeking the finest leadership for your real estate needs, whether buying or selling a home, Nick Athanail is the professional to contact. Expect nothing less than exceptional service that exceeds your expectations.

Eligible Fiduciary, New York State #125133

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