Losing a loved one is difficult, especially when you find yourself suddenly drowning in legalities related to the property you’ve just inherited. If the property is titled solely in the deceased person’s name, probate becomes necessary. The property then falls under the probate estate.
If probate court proceedings are required to determine the rightful distribution of assets, the executor named in the will brings the case to court. But if there’s no will or designated executor, the probate court appoints someone to handle the process. As the presumptive executor, you can hire a lawyer to assist with court proceedings, paying their fees from the estate.
If none of the potential heirs wish to retain the property, selling a house in probate becomes a viable option, especially for properties in California.
What to Consider When Selling a House in Probate in California
If the will names you as the executor of the estate, selling the deceased’s property becomes much simpler. If the will does not specify an executor, the court lets the family decide who should take on the role. Disagreements among family members over who should act as executors can lead to additional court proceedings and delays.
It’s best to work out an agreement among all the heirs and nominate an executor to move forward with the sale of the inherited property.
Once the court clears the sale, the process can begin. Since probate real estate transactions are more complex than standard ones, it’s advisable to hire a real estate agent specializing in probate sales.
Finding the Right Probate Real Estate Agent
Hiring a Certified Probate Real Estate Specialist (CPRES) is advantageous because you’ll benefit from their experience and education in estate settlement. They know how to value property for probate to ensure you get the best price for your listing, which must be at least 90% of the appraised value. A CPRES real estate agent can also skillfully present a probate home to buyers. They ensure the paperwork is in order and that the sale proceeds legally.
Finding a certified probate real estate agent in California can be challenging. Even if you do find an agent who understands probate listings and can attract buyers, there’s still no guarantee the house will sell, as the probate process involves uncertainty that may deter some buyers.
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Preparing the Home for Sale
Probate laws prevent sellers from renovating or making improvements to the property before listing it for sale. The house must be sold “as-is,” allowing potential buyers to see any faults or structural issues that may need addressing. This can discourage some buyers.
However, sellers can clean the property by polishing floors, vacuuming carpets, mowing the lawn, and trimming bushes. The court prohibits major improvements, such as painting. A skilled probate real estate agent, such as those at Nicholas Realty, can still market the home effectively and help you maximize the sale price.
Navigating the Probate Sale Process
Even if you receive an offer that meets the court’s required sale price, a waiting period still applies. The home must remain on the market for at least two months to allow heirs time to raise any objections during the sale approval hearing.
At the hearing, other potential buyers may outbid the initial offer, and the sale will not be finalized until all interested buyers have submitted their bids.
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Do you have more questions about selling probate properties? Contact me, Los Angeles real estate and probate sales specialist Nick Caudillo for expert insights and assistance. Call 626.388.6644 or email nick@nrprobate.com for more information.
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