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We are experts in Real Estate, specializing in Probate and Trust Real Estate Sales in San Diego, California.
The process of selling real estate through probate or trust is a series of court-regulated steps that must be carefully monitored and managed. Deadlines are unforgiving, documentation is specialized and the court's oversight must be honored throughout the marketing, offers, negotiations and sale of the property.
In addition to the personnel of the court, the sale generally involves the Executor or Administrator of the estate, the attorney representing the estate, a real estate agent representing the seller (the estate). one or more buyers who place bids with the court and the buyers' real estate agents. Each of these individuals must follow the guidelines of the court.
Because of the involvement of the court, probate and trust sales have a vocabulary all their own (see probate glossary). They also involve various disclosure documents and contracts that are not used in other real estate transactions.
If you are selling or buying property through such a transaction, your real estate agent should be experience in probate sales and be able to explain the language, the documentation and the steps in the process. Communication is key!
Here are the summary of steps involved in a probate sales process:
This is a complex process and a real estate agent who is familiar with this process can help you make tis process easier and less painful. We can help. Call us TODAY at 866.340.3462
At First Liberty Real Estate we value our partnership with attorneys and work hand in hand with them to make our client's transaction as easy and effortless as possible. We understand that this is a difficult time in most cases for most individuals and our seamless partnership with attorneys makes it that much easier on our clients during difficult times.
When a probate or trust calls for a sale of real property, one of your most valuable allies is a knowledgeable real estate team. Our team can provide you with pertinent information about market conditions, pricing, strategies and next steps, all along the way. An experienced agent can help you, and your clients, to understand the transaction and to achieve the terms you want and need. Free of emotional ties that sometimes complicate decision making, a skilled agent and team can save you time, money, and unnecessary steps, and support you as you make important choices during the transaction.
We are qualified to help you with your client's needs because we are experienced in the area of probate sales, and have the knowledge and experience it takes to handle your transaction with the professionalism. We are up to date on local and regional trends and are experienced in meeting the requirements of the court. We will work with you, and respect your preferences in methods and presentations.
Time is of essence. We will produce reports you need, accurately and on time. Each step in the marketing and sales of real property will be handled promptly and professionally. We will make sure that you have the most current contract documentation and disclosure forms for real property transactions.
We are prepared to use aggressive marketing tactics and are involved in all aspects of every transaction as necessary. We are personable, and well liked and respected among our peers. We are available whenever you have questions, even by cell phone, and available to respond promptly with the utmost accuracy in every transaction.
We would really appreciate the opportunity to team up with you in the best interest of your client. call us TODAY at .340.3462
What is probate?Probate is the court-supervised administration of a decedent's estate. the probate proceeding involved "proving the will" (if there is a will), appointing the personal representative, determining the decedent's assets that are subject to probate, paying outstanding debts and disbursing funds to the beneficiaries. In some cases, the decedent's estate includes real property that must be sold under the court's supervision
What is a trust?A situation in which one person or entity holds the legal title to a property for the benefit of another.
Why do some probate properties not require court confirmation?If a probate is a Trust Sale or if the Executor/Administrator of the estate has been granted "full independent powers" under the Independent Administration of Estates Act (IAEA), the sale may not require court confirmation.
If the Administrator has full independent powers, he or she may elect to list the property for sale. Once an offer is accepted, the estate's attorney mails out a Notice of Proposed Action stating the terms of the proposed sale to the heirs. The heirs then have 15 days to object to the sale. If there is no objection within 15 days, the sale goes through without any court hearing required. (Regardless of the details of the probate transaction, sellers are strongly encouraged to work with a professional probate attorney to protect the estate's best interests.)
What is a Property Profile?A Property Profile us a report that provides details on a specific property. it contains information such as a square footage, number of bedrooms and bathrooms, lot size, zoning information, use code, tax information and ownership information. Additionally the profile has the recorded documents, such as the grant deed, quitclaim deed and copies of the deeds of trust. The report can also contain sales comparables, school information and neighborhood information. A complete current property profile is essential for setting the price of the real property and for the determining problems that may interfere with the sale.
Should I make repairs before listing a probate property for sale?No. In California, probate properties are sold "as-is". If you make repairs you may inadvertently conceal something about the condition of the property. Even a coat of paint can unintentionally conceal a defect. Except for removing personal possessions, clearing out trash and cleaning up the entryway and yard, it is important to leave the property in its present state and let the buyers do their inspections and satisfy themselves as to the condition of the property.
What do I need to do to prepare the property for sale?you agent should be able to recommend a number of qualified specialists to help you prepare the property for sale, including removing belongings and obtaining professional cleaning. Your agent should also assist you in conducting inventory of the real property for sale and in preparing a comprehensive profile.
How can I choose the best list price?Your agent should provide you with detailed market data, called a Market value Analysis. This incudes the selling prices of similar properties in the neighborhood. It will also include in-depth information on recent sales in the area, such as price per square foot and the number of days the property was on the market. Taking into consideration the information in the analysis as well as other intangibles of the market, your agent will be able to help you determine a listing price that is appropriate for the market and will attract the greatest number of qualified buyers.
Once a property is listed, how will it be marketed?Your agent should pursue a number of strategies to expose your property to likely buyers. they include signage on the property, newspaper and internet advertising if needed, open houses for agents and the public and personal networking amongst successful agents who may represent qualified buyers. Your agent will conduct showings for the interested buyers and their agents, will answer questions about the property and will continue to promote the property in order to secure the highest offer. Your agent should also communicate with neighbors in the immediate area, keeping them informed about the price and other details about the property. Ask your real estate agent for their marketing plan and an explanation of house various types of marketing will benefit the sale.
Do I have to pay up front for the marketing cost?No, there should be no advertising or marketing up-front fees to you.
Beneficiary: A person who inherits when there is a will
Conservator: A person who has the court-appointed fiduciary responsibility for the care of another adult
Conservatorship: A court proceeding wherein a judge appoints a responsible person (conservator) to care for another person (conservatee) who cannot care for him/her self or his/her finances
Custodian of the Will: The person in possession of the will when the person who wrote the will dies
Descendent: The person who died
Executor: A person named in a will and appointed by the Court to carry out the decedent's wishes. The person is usually names as the seller of the real property
Heir: A person who inherits.
Intestate: When someone does without leaving a will. When there is no will, the sale of the decedent's real property often requires court confirmation
Intestate Succession: The order of who inherits the property when the decendent does not have a will.
Legatees, or Devisees: People who are names in the will
Personal Representative (Administrator or Executor): The person responsible for overseeing the distribution of the estate
Probate: The process of deciding where, how and to whom to distribute the decedent's estate, such as real property
Probate real estate sale: The transfer of legal title (ownership) of real property from the estate of the person who has died to his or her beneficiaries or to a buyer under the supervision of the Court.
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