1) Probate Sale that requires court confirmation
2) Probate sale with no court confirmation.
The difference is that the first one requires an offer to be accepted and then it has to go to court for approval. This process can take up to 60-90 days. The second option is that you open escrow immediately and the sale of the property does not require court approval. Whether a probate sale requires court confirmation or not totally depends on the seller.
To learn more about probate real estate visit our website at http://www.SanbornTeam.com. This site offers comprehensive information about probate real estate.
To answer part 2 of your question, you would have to look at the property and see if there is room for negoiation.
Marc Wizman- 310 746-8444- Coldwell Banker Beverly Hills N
Heather Paul, Realtor
I invite you to visit our website to see our many Before & After estates.
Paul Hargraves http://www.TrustPropertiesUSA.com
i am interested in purchasing a property.
i just found out the administrator is selling it with no court approval needed.
however thru word of mouth have found out that the other hiers are not happy with the property being sold....
am i going to run into trouble with purchasing the property????
Best of luck.
Redwood Property Group
Make sure you're working with a Realtor who specializes in Probate transactions. You'll want to know what percentage of their business is related to Court Supervised transactions. Lastly place your offer on the most recent 8 page CAR Probate Purchase Agreement which can be found on my website: http://www.courthouserealtors.com
The previous agents explained the probate without court confirmation. My question is this: Are you interested in this property because you perceive it as a "deal"? Or is this a property you truly want. I ask because a probate sale is rarely a better deal than any other type of sale. If you are looking to purchase a property (now is a great time!), your best bet is a reputable local realtor who can show you all the available properties that fit your needs including: traditional sales, shore sales, REOs, & probate sales.
Best of luck,
Your question has multiple questions so I will try to answer each one individually.
1. Probate Sale without court confirmation means that the executor or administrator is using Independent Administration of Estates Act.
2. There is usually an appraisal done on the property by the probate referee. As with any property there is always the possibility of some negotiation (if the estate is willing to negotiate).
3. The only way to find out if the price is negotiable is to make an offer and find out what the estate is willing to do.
We specialize in Probate and Trust Real Estate Sales in Los Angeles. If we can be of assistance please call us at 310-777-2858. You are also welcome to visit our web site where there is a lot of information regarding Probate and Trust Real Estate Sales.
The Sanborn Team