Having Experienced, Knowledgeable help can lessen the burden of attorneys, conservators, administrators, accountants, trustees, other real estate agents, and of course, clients:
AS WELL AS.....
Available to help you with any "pre-marketing" work that you may need or desire is our "CREW" of haulers, contractors, appraisers, cleaners, landscapers, painters, etc.
Our personal goal throughout this process is to make it as easy and effortless as possible for you.
SELLING PROBATE PROPERTY – A TIMELINE
A petition for your appointment as the estate’s personal representative is filed by your attorney.
Day 1 - The Probate Court issues Letters, your authorization as the personal representative.
Day 10 – Ty Leon-Guerrero is selected to market the home.
Days 10-40 - An intensive marketing period occurs with our Plan of Action.
Day 40 - OPTION “A” - Upon acceptance of an offer without Court Confirmation a typical 30-45 day escrow period will occur, if applicable, when sold under Independent Administration. The successful bidder secures financing, executes proper documents, causes escrow to close, and the estate receives final sales proceeds approximately around Day 70-85 -
DAY 40 - OPTION “B” - If being sold with Court Confirmation: Upon acceptance of an offer subject to Court Confirmation, the Probate will set a confirmation hearing date. Normally occurring if there is arguing amongst family members.
Court (usually within 30 days after the initial bid acceptance). On about Day 70, the attorney, in person, reports to the open Probate courtroom and to the Probate Judge the Personal Representative’s willingness to accept the previously made bid. At the court hearing, the Judge then offers anyone present in court the opportunity to make a final, higher bid on the property. This is actually an in-court, live auction. The final sales price and highest bidder are approved by the Probate Court at the conclusion of a back-and-forth auction. A typical 30-45 day escrow period follows. The winning court bidder secures financing, executes proper documents, causes escrow to close, and around Day 100-115, the estate will receive final sales proceeds.
This timeline represents a general estimate of marketing, sale, and closing escrow during Probate administration. Estate properties may sell and close escrow in as little as 30 days, or as much as, or longer than any other real estate sale. Though not discussed here, there is a wide range of flexibility associated with the sale of probate property. Please call me for more information.
Probate and Trust Real Estate Glossary:
Here are a few brief definitions of verbiage you may encounter if you are dealing with probate, trust real estate or inheritance property:
Beneficiary: The person who inherits when there is a Will.
Conservator: The person who has the court-appointed fiduciary responsibility for the care of another adult.
Conservatee: The person whose care is provided for under a conservatorship.
Conservatorship: A court proceeding wherein a judge appoints a responsible person (Conservator) to
care for another person (Conservatee) who cannot care for him/her self or his/her finances.
Custodian of the Will: The person in possession of the Will when the person who wrote the Will dies.
Decedent: The person whom has deceased.
Executor: The person named in a Will and who has been appointed by the Court to carry out the decedent's wishes. This person usually will be named as the seller of the real property.
Heir: The person(s) who inherit.
Intestate: When someone passes away without leaving a Will the sale of the decedent’s real property often requires court confirmation.
Intestate Succession: The preceding order of who inherits the property when the decedent does not have a Will.
Legatees, or Devisees: People in which the Will has named.
Personal Representative (Administrator or Executor): The person responsible for watching over the distribution of the estate.
Probate: The process of deciding whom, how and to where to distribute the decedent's estate, such as the real property.
Probate Real Estate Sale: The transfer of ownership (legal title) of real property from the estate of the person who has passed to his or her beneficiaries or to a buyer under the supervision of the Court.
Probate Referee: Real property must be appraised before it can be sold through probate; This is done by a Probate Referee. In California, probate referees are appointed by the State Controller and assigned to a particular case by the court clerk. The estate will pay them directly for this service, usually a percentage of the appraised value.
Real Property: The verbiage used to refer to real estate in probate and trust sales.
Testate: When a Will is left after someone passes away.
Trust: When a person (Trustee) holds property at another person’s (Settler’s) requests for the benefit of
someone else (Beneficiary).
Will: A legal document that instates a person's wishes about what will happen to his/her personal and real property after death.