What is different about selling property in Probate?
What is a Probate Sale?
A home is sold in probate court when someone dies intestate or without bequeathing their property.
Costs to Probate Sale My Home?
Probate Home Sales charges are the same for Probate Sales as they are for Regular type sales . All of our additional services provided during the Probate process are at no additional cost to the estate.
What’s different about a selling a home in Probate?
Exemptions – There are several California disclosure exemptions; Most Notably sellers are exempt from providing Natural Hazard Reports, Transfer Disclosure Statements, and Mello Roos Disclosures. Earthquake guides are also exempt. Smoke Detectors requirements for Single Family Residences are also exempt.
Court Case Disclosure – The Case#, who the Court Appointed Representative is, and whether it is an Estate, Conservatorship, or Guardianship.
Whether or not Court Confirmation is Needed – This informs us to the authority of the Probate court appointed representative. With Court Confirmation Needed the appointee has “limited authority” to sell the property and needs final approval through the court process. Without Court Confirmation needed, the Appointee has full authority to execute the sale of the property.
Can we sell in Probate with a Reverse-Mortgage?
Yes, having a reverse mortgage on probated property is a common occurence.
Executor/Administrator signs a listing agreement with a Certified Probate Realtor.
A Buyer submits an offer to the Probate Real Estate Agent.
Executor/Administrator accepts the buyer’s purchase offer.
Probate Court accepts the buyer’s purchase offer.
Transaction closes, the lender releases the lien.
What if the death occurred on the Probate Sale Property?
California law mandates that we must disclose a passing on the property if it occured within 3 years of selling property. Most buyers understand that these things happen in homes. We do our best to respect your confidentiality and privacy. Our Sign will be displayed in the same exact way our Standard Sale signs are. Our Marketing to the general public Will Not indicate anywhere that your home is a Probate Sale. However, the one place we are obligated to designate your home as a Probate Sale is our MLS.
Probate Sales are Impossible to do and take forever, is that true?
Not true! Although Probate cases can take some additional time to close,we have a 100% Success rate in receiving Probate Sale Approvals from the Courts,Lein-Holders and Banks . Do Probate Sales take longer than Standard Sales? Yes, but depending on the situation and what type of Authority the executors/administrators have, we expect anywhere from 90-120 days total.
Are there any buyers for Probate Sale and Trust Sale Properties?
Definitely! For buyers, Probate Sale Properties have become synonymous with “great deals.” More specifically, international buyers are targeting these properties. Listing with an experienced and certified Probate Realtor who is educated in the process will provide you with a great chance of quickly seeing a contract on your property. There are many skilled buyers and first time home-buyers who would love to purchase a home in Probate. It is not always necessary to have all repairs made, some buyers prefer to do the work themselves and save.
It Depends……Most Executor/Administrators are not happy with the small amount of money coming in monthly payments and really not interested in becoming landlords. Additionally, California Landlord-Tenant law is very complex and common folks should be warned before undertaking the role of “Landlord”.
And so, The great majority now opt to simply sell the home based on the following:
They are not with happy with the depreciation and drop in value of their home
The potential repair and maintenance costs may break them
Their income and expenses will still be a struggle.
They Just want to move forward and sell all assets.
They wish to put their money towards another investment.