Why Realtor Is Important?

Why a Realtor plays an important role in probate sales,

and you should choose one specializing in Probate sale?

Why Realtor can make or break your deal:

  1. Attorneys are busy, and they only handle the legal portion of the probate process. Their service is also expensive and may incur an additional charge for tasks outside of their scope.
  2. Not all estates are represented by attorneys. Some are pro se/pro per (not represented). Then the Realtor can help guide the process, especially on property sales.
  3. Usually, the largest portion (typically 80%) of the estate is real estate, so you want to maximize the selling price to provide the highest benefits to the heirs.
  4. Timeliness is critical in real estate transactions. Any procedural defect will delay the court process by months or years. In the real estate world, interest rates may change, loan approval will expire, and your buyer will leave, and you start the process all over again.
Therefore, a well-trained Realtor with expertise in probate and estate settlement will prevent unnecessary delay and guide you through the whole process.

Traditional vs. Probate
Home Sales

There are 3 major differences.

Probate sales in general:

  • Takes much longer time
  • Cause uncertainty to both sellers and buyers because of the unknown factors in court.
  • Some sales require court confirmation and are subject to over bidding process in court, which in turn causing even more uncertainty.

There are two types of property sales in the California Probate Court system

Real estate transactions that the Person Representative
has full authority or limited authority

Full Authority – IAEA

  • Sign listing agreement.
    Must have: Letters issued by court, Order for probate
  • Probate purchase agreement
  • Open escrow
  • Notice of proposed action – 15 days
  • Estate EIN#
  • Open estate bank account
  • Draw loan docs
  • Close escrow.
    Must have: Letters issued by court, Order for probate, Notice of proposed action

Limited Authority – IAEA

  • Selling price must be within 90% of probate referee’s appraised value
  • 10% customary court deposit
  • Publish in newspaper for sale
  • Accept an offer
  • Report of sale & petition for order confirming sale
  • Notice to buyer, beneficiaries, interested parties
  • Court hearing date to confirm sale & over bidding process
  • Court order
  • Close escrow.
    Must have: All items from Full & Limited Authority

Get a Timeline of The Probate Process

We’d love to share a timeline of the entire probate process with you, from filing the petition to closing, and every step in between. Simply leave your email address below, and we will send the timeline to your inbox.

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