1. Except as otherwise provided in subsection 2, a sale of real property at a private sale must not be confirmed by the court unless the court is satisfied that the sum offered represents the fair market value of the property sold and the real property has been appraised within 1 year before the time of sale. If the property has not been appraised, a new appraisement must be performed, as in the case of an original appraisement of an estate, at any time before the sale or confirmation of the property. 2. The court may waive the requirement of an appraisement: (a) For good cause shown; (b) If the personal representative is the sole devisee or heir of the estate and consents in writing to sale without an appraisal; (c) If the property is specifically devised in the will of the decedent, all devisees to whom the property is devised consent in writing to sale without an appraisal; (d) If the property is not specifically devised in the will of the decedent, all residuary devisees consent in writing to sale without an appraisal; or (e) In the case of an intestate estate, all heirs to the estate consent in writing to the sale without an appraisal, in which case the personal representative may rely on the assessed value of the property for taxation in obtaining confirmation of the sale.
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