We’ve discussed that an offer on California probate properties has to come in at 90 percent of the appraised value. Yet, what happens if the probate property won’t sell for this price? What if the real estate market is sluggish? The costs of maintaining an unused property can add up quickly. The executor’s duty is to do what’s best for the estate. So, in a situation like this, the executor of the estate can consider any lower offers. It’s just that these deals can’t be finalized without approval from Probate Court.
The court will usually approve these deals. The court will generally allow the executor to sell the property to a buyer offering less than 90 percent of the appraised value. The only real snag is if a beneficiary objects to accepting the low offer for the probate property. At that point, Probate Court will take the objection into consideration and ultimately rule on the decision.
Alternately, if offers continuously come in lower than expected, the executor could contest the appraisal and ask the court for a new appraisal.
Once the sale is finalized and the new buyers close on the property, the proceeds from the sale becomes part of the estate. Once the probate process is complete all of the property of the state is divided among beneficiaries.
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We are experts in the probate sale under the probate code and trust law. So, we know the California Probate Code. We won’t let you get lost in it. If you need a real estate agent in California specializing in probate, please contact us today! We are upfront and honest about the costs of probate. Everyone wants to know about probate fees, but no one wants to talk about them. We will though.
Sentinel Realty Partners wants our clients to be fully prepared and fully informed about buying or selling California probate real estate.We have a list of the absolute best probate lawyers in California available for our customers. Plus, we also have relationships with the most vetted contractors, plumbers and electricians in California. See?
We will guide you through every step of the process of selling (or even purchasing) a home involved in probate.If you are buying a home in California, please have a look at our probate property search. If you need a Los Angeles, Orange County, Riverside, or San Bernardino professional to help you through the probate real estate maze, call us!
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