probate needed for short sale?
This is my first time dealing with a short sale in which the owner on title is deceased. The owner's son is considered the executor of the estate, according to the bank, but there is no legal trust set up. We're close to getting an approval for an offer, and the subject of probate came up. My broker is stumped in this situation as well; because the property is being sold as a short-sale, and there is no profit to be made, is the probate process even necessary? Anyone have any experience or insights? I want to prepare myself and my clients before we get in any deeper.