Yes, it is possible to retain possession of the property- generally if a parent states that they would like the home sold and the proceeds divided, that is to ensure there is adequate money to be distributed to all the children equally. However, if all the heirs are in agreement, the court will not force a sale of the property. Furthermore, any heir can disclaim their inheritance, so that it then passes to the next in line (it is as if the party disclaiming the inheritance predeceased them for all intents and purposes).
Here is the statute governing disclaimers:
This discusses probate, its processes and the types of probate:
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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.