Upon a homeowner passing, an executor or administrator is assigned to the property. There is a legal process to be handled thru the court system prior to being able to be listed as a probate sale. Costs are incurred immediately and upon the final sale of the property are typically reimbursed back to the administrator for the work completed upfront.

Initial steps upon handling a probate would be to contact a probate attorney who can assist the estate. An appraisal will be required by the judge and upon paperwork being filed the court will be petitioned to begin the sale and listing of the property. Upon approval the property will be allowed to be listed and marketed for sale. Upon a contract being accepted on behalf of the estate, the court will review the terms for approval of the sale of the property. Standard closing costs will be paid along with any outstanding liens/debts the deceased owner had outstanding. Once the estate is settled, the descendants of the property will be issued the remaining profit from the sale of the property.

Whether you live locally or are from another state, I commit to being the “boots on the ground” representative from the initial phone call until the sale is completed on your property.

What is the difference between Intestate, Probate, Trust Sale and Estate Sales?

Intestate is a person who dies without a will. 

A probate sale requires the court system to determine the validity of a will. Probates are typically prolonged going thru the court. 

A trust sale is established by a document. A trustee is appointed and is in charge of managing the trust while distributing the property to the trust beneficiaries according to the trust’s instructions. 

An estate sale occurs when the executor is required to sell off items in a deceased persons estate to raise money for inheritance taxes and outstanding debts.

Brent Wilk of Wilk Real Estate is a Certified Probate Real Estate Specialist. Brent’s area of expertise is northern Illinois. From the Chicago suburbs into the city of Chicago as well into rural counties, Brent will be your go-to agent. Counties that I service include Cook, DeKalb, DuPage, Grundy, Kane, Kankakee, Kendall, Lake, LaSalle and Will counties along with the cities that are present inside the counties.

Contact Brent Wilk of Wilk Real Estate at 815-230-5356 to assist your family.