Selling a Home Through the Probate Process With the bald brothers
In California, when someone who owns real estate passes away without the home being in a Trust the court has to figure out who the property goes to. The lengthy legal process of the court figuring out who the property goes to is called Probate.
Once the court has figured out who can act on behalf of the estate and to whom the proceeds go to, the home can then be sold.
Sometimes before a probate home can be sold the court will require that they give the final approval on the sale. In this case, a home would be placed on the market for sale and offers would be received and then be presented to the court for final approval. Once approved, the escrow process can begin and the home can be sold.
In other cases, the court grants the decision making power to a person that carries out the decision making. This person is called an executor, personal representative, or administrator. When this happens, the executor can execute the required documents to sell the property. They are the ones to hire the real estate agent, review offers, and pick a winning bid.
We are currently working through the escrow process on a probate home in Torrance CA. We were selected as the real estate agent to sell the home by the estate executor. Because probate homes are sold AS-IS we worked with the executor to determine the best listing price for the neighborhood.
To set the listing price we consider a number of factors including location, overall condition of the interior, exterior, and the landscaping. We looked at the age and condition of the upgrades in the property and then compared it to similar properties that have sold in the last six months.
We all agreed at a listing price and then we began the marketing process, which included having the home emptied of all contents and having the landscaping cleaned up. Once the probate home was ready for photos, we took professional photos and marketed the home.
I’m pleased to say that interest in this probate home has been incredible. We’ve had nearly 100 showings and received over 10 offers from interested buyers. Many of the offers received counter offers and a buyer was selected by the executor.
Now we are going through the typical escrow process, including inspections and an appraisal by the buyer’s lender. Once these are completed and all the escrow paperwork is completed, we will proceed to closing the probate process and funds will be distributed by the escrow company accordingly.
If you have been appointed as an executor or personal representative to sell a probate estate, make sure to select real estate agents who are familiar with the probate process and the probate selling requirements. Not all agents understand the different probate options and you don’t want your property to be the property where they learn about those issues the hard way.
The Bald Brothers Team at IMPACT Properties services all of Southern California and has in depth experience working with selling a home in probate sales and other court-ordered sales. If you are searching for real estate agents with probate experience, give the Bald Brothers Team a call today. They can be reached at 888-305-BALD.
One final word, Aaron Zapata and Todd Anderson are Realtors, not attorneys, so make sure to check with an attorney before making any legal decisions! And if you are looking for an attorney to handle a probate, they have some great recommendations.
