Welcome to my Probate What is a Probate Sale? Estate administration provides for the sale of real estate and personal property owned by a person who is: The majority of these sales are referred to as “Probate” and are generally supervised by the probate court within the jurisdiction of the county where the real estate is located. The probate process is a potentially difficult series of negotiations and court hearings creating family tension. There are three main ways a probate is handled in relationship to real estate sales. In any event, all of these can end up in court. It is important to have a Real Estate Professional, such as myself, who works with some of the best attorneys in San Diego. My dedication to you is to be there at every stage to help you through the process. This includes everything from fixing up the property for sale to appearing in court to assist your attorney. Probates usually include, but are not limited to the following sequence of events: If there is a Will that nominates an Executor, and that person is willing to serve, they will be appointed as Executor. If there is no Will, or the Will does not nominate an Executor who is still alive and willing to serve, then an Administrator is appointed. This is usually one of the heirs, someone nominated by an heir, or the Public Administrator (a County agency). An Executor and an Administrator have the same responsibilities, and I will use the term Executor from now on. 2. The sale of property There are two different procedures that are followed, depending upon whether the Executor has been granted "full independent powers". If the Executor has full independent powers, they may, but are not required to, elect to use the following procedure. They list the property for sale. Once they have an acceptable contract, they mail out a Notice of Proposed Action stating the terms of the proposed sale. The heirs then have 15 days to object. If there is no objection within 15 days, the sale goes through without any court hearing required. If the Executor does not have full independent powers, or if an heir objects to a sale under the Notice of Proposed Action method, then the following procedure applies. A notice of the sale must be published in a newspaper of general circulation (unless there is a Will that waives this requirement). 3. Accepting an offer The offer accepted must be 90% or more of the Probate Referee's appraisal. 4. Court Confirmation Once an offer is accepted, a petition seeking confirmation of the sale is filed with the court and set for hearing. The court hearing usually takes place 30 to 45 days after the petition is files. A copy of the petition and details about the sale are mailed to all heirs. 5. Over bidding At the Court Confirmation hearing, the accepted offer may be overbid by other buyers. The minimum overbid is 10% of the first $10,000.00 plus 5% of the balance up to the amount of the accepted offer. A cashiers check for at least 10% of the minimum overbid price must be shown to the court in order to make an overbid. That 10% check is given to the Executor at the hearing by the winning bidder. A contract is then signed. This contract can have no contingencies and escrow usually closes within 15 days after the hearing. There are many more details not mentioned here. Some are.... If you would like assistance selling property currently or soon to be in probate, call or email me. You should consult an attorney to properly educate yourself on your options if you anticipate or are involved in a probate. To learn more, please review the Glossary of Probate terms. Here are some useful links:
Web Page
Here you will learn of my services as well as additional
knowledge regarding the Probate processs and what it all
means to you.
Services I offer:
1. Professional Market Analysis Reports (by mail, fax or e-mail)
2. Preliminary Title Reports
3. Property Profiles
4. Internet marketing-virtual tours, extensive website exposure
5. Customized Innovative Marketing Plan
6. Coordinate re-keying of property
7. Coordinate cleaning out and clean up property
8. The supervision and organizing of haulers, work crews,
gardeners, estate liquidators, etc.
9. Organize shipping of personal items.
10. Will continue marketing and showing property until court
date to increase the chance of an overbid.
11. Will make court appearances with attorneys.
12. Very knowledgeable and experienced with occupied
properties.
13. Free notary service for all your clients. Will travel to
your client.
14. Coordination of all details of transaction, from start to
finish.
Understanding Probate and Estate Sales
Each office is Independently Owned and Operated.
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