If you Google the term "executors loan" you will get a bunch of information on that. You also should speak to an attorney here in Brooklyn to help guide you because real estate law varies from state to state.
With regard to whether you should sell now, it all depends on what type of offers you are getting and what type of property this is (lot size, building size, legal use and condition). If you want I can put together a comparative market analysis for you which will give you an idea as to how much the property is worth on today's market.
Feel free to contact me if you want to discuss this further. I would love the opportunity to help you. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783