Home Selling in Oxnard>Question Details

Lissa Hewitt, Real Estate Pro in 93035

What do I do to sell a probate home?

Asked by Lissa Hewitt, 93035 Fri Apr 22, 2011

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The first thing is to make sure you are issued Letters Testamentary. If you have petitioned to administer or if you are appointed to be exeuctor in a will, then the petition will be reviewed by the local superior court and if there are no objectors it will be granted. You may or may not have to have a bond but the order of the court will make that determination. In the order it will let you know if you need court confirmation or not. Often if there are disputes among the heirs, even if you have full authority, one will object and then you will require the confirmation of the sale by court order. Another important element is the date of death of the decedent. The reason this is important is often the value is determined at a time when the market was higher and that probate referee's value is likely not marketable today. If you have working with an agent, he should know prior to asking a referee to be appointed what the value is at present and they can reconcile the market value based on all the elements and factors. Eg. Its very rare that the referee every steps foot inside a property, so having a complete scenario of the market data and the property condition is paramount. If you need court confirmation, it is alway required to accept an offer that falls within 90% of the referees established value in order to have a confirmable sale.
1 vote Thank Flag Link Mon Jun 27, 2011
It is essential to work with a real estate team consisting of your agent, a title officer, an escrow officer, and if necessary, a probate attorney. The actual marketing of the listing will be very similar to a standard sale as far as attracting buyers to view the home. However, depending on the specific situation -- the time frame may be longer for the buyer to have to wait to complete the purchase. Just as my colleague Heidi has said, it is even more important with a probate sale to work with a REALTOR who understands the nuances of probate sales - and who can explain how the process will work to the buyer or buyers' agent. If you decide to interview a selection of REALTORS, our team (Ariel and Karen - Coldwell Banker in Oxnard) would welcome the opportunity to meet with you. We have several specialties but one of them is doing all we can to ensure that the seller comes away at the end of the transaction thinking "That was easier than I thought!" Please view our testimonials on our Trulia profile, and for a list of references to call, feel free to contact us directly. Our title and escrow officers are also excellent and can guide you through the process. Even before you select a REALTOR, if you would like to contact our escrow officer to run anything past her, or if you would like our title officer to review the specifics of the property, please let us know. There is no obligation. Good luck!
1 vote Thank Flag Link Fri Apr 22, 2011
Lissa-

Every situation with Probate can be different. I encourage you to retain a licensed broker such as myself
to review your documents, and give you the right direction to in.

You always want your ducks in the right row before you list because if you find surprises down the road
a buyer may be lost because the facts were not presented in their entirety in the beginning of the listing.

I am currently involved with a PROBATE sale right now, and we find that it is going just as smoothly as
a regular sale because my client's seller is the executor of the estate. But again, every situation is
different.

Having resided in Oxnard from 1989 to 2008 I think I would be able to give you the best possible service
for your needs.

I look forward to assisting you. Give me a call after you have looked my website at http://www.komarrealestate.vpweb.com. Thank you

Ray
1 vote Thank Flag Link Fri Apr 22, 2011
Hello again Lissa,

I see there are some changes in the type of property I need to address for you in the first question. Lissa, anytime you go to sell a probate, the way the deed is written, "title", is important, as well as having a copy of any Trust documents. The first place to start is with the title issues and whether or not you need to be represented by a probate attorney. Most of the time a good title officer can get the ball rolling in the right direction. If you are not living in the home, your liability is limited in terms of disclosure. It is no longer expected of you to know the past repairs or needed repairs, or other material facts that you would know if you had been living there. As far as the choosing of a reputable Realtor, this becomes more important than ever if you are in the position of answering to other heirs for the way the sale is handled from start to finish. Once again, I hope you call me for an interview. I have more than one good probate attorney at my disposal.
1 vote Thank Flag Link Fri Apr 22, 2011
Is this a valid and viable answer to Lissa's question or an advertisement. Last I checked we have to pay for adds.
0 votes Thank Flag Link Fri Nov 18, 2011
Don't let buyers STEAL your family home. At no upfront cost to the estate I have sold over 200 Probate & Trust estates using our proven "Fix & Sell" strategy to sell your home for a top top fair market price.

I invite you to visit our website to see our many Before & After estates.

Sincerely,
Paul Hargraves http://www.TrustPropertiesUSA.com
0 votes Thank Flag Link Fri Nov 18, 2011
Great answer Deric. Very clear and concise. Thanks
0 votes Thank Flag Link Fri Nov 18, 2011
Hello, I see you have revieved a lot of advice. Sometimes to much can be overwhelming, especially after a loss of a loved one. Chose a Realtor who will take the time to go over, in person, with you. Some properties can be exempt from probate, seek legal, and tax advice as well as choosing a Realtor. Good luck
Web Reference: http://Www.homesbydarla.com
0 votes Thank Flag Link Mon Apr 25, 2011
I have worked with real estate professionals who can give an offer on your property before you commit to contract. agreement, if time is the issue.
0 votes Thank Flag Link Sat Apr 23, 2011
Contact an experienced agent/broker in your area that has had experience with distressed properties which probate properties are most often categorized as. But by no means should you consider a fire sale unless the home is in very poor condition and you can't afford the costs (payment, maintenance, taxes, insurance, etc.) to hold on until you can find a buyer. An honest and experienced distressed property broker won't take advantage of you. But do some checking.
0 votes Thank Flag Link Sat Apr 23, 2011
Pretty much like any other property. Most will be handle in escrow. Just don't be taken advantage of. I have seen this happen where the heirs sell them self too short.
0 votes Thank Flag Link Fri Apr 22, 2011
Also, ask your tax and legal advisors about using a home inspection to help reduce the "value" of any potential tax liability. The heirs should not be taxed without taking into account any deferred maintenance or defects with regard to the value. It can also make it possible to do a true "As Is" sale which, despite what many may think, cannot occur until a potential buyer is educated about the property's current condition.
Web Reference: http://www.inspectpros.com
0 votes Thank Flag Link Fri Apr 22, 2011
Sorry about your loss.

Basically, you have 3 options: rent it, sell it as-is, or rehab and flip it.

Besides contacting a broker, you might want to reach out to some investors (myself included) especially if you intend to sell it as-is.
0 votes Thank Flag Link Fri Apr 22, 2011
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