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California Probate Realestate

California probate realestate is one of the biggest untapped real estate markets in the United States. Oftentimes probate houses can be purchased for pennies on the dollar because Estate Executors don't have the time or money to deal with them.

Estate Executors of California probate realestate frequently sell the property for less than it is worth. This is particularly true if the estate executor resides out of town or in another state. Selling the probate real estate can save them a tremendous amount of money in travel expenses, legal fees and other costs associated with settling the decedent's estate.

When property owners die their assets are transferred to Probate in order to assess their estate. Creditor and tax debts must be settled before property is distributed to beneficiaries and heirs. Depending on the circumstances, heirs may be forced to sell probate realestate in order to pay outstanding debts. Other times, they may desire to sell the property so they are no longer burdened with maintaining it.

Probate real estate can be purchased from the estate executor. If there are multiple heirs, they must all agree to sell the property. In some cases the executor must obtain permission from the court. In other cases the court may require the realestate to be sold through a licensed Realtor.

In most cases California probate realestate can be sold either through the Court Confirmation process or by using the Independent Administration of Estate's Act. If the estate is being managed through a probate attorney, most will require using the Court Confirmation process so the sale will be supervised through the court system.

In any given day, hundreds of probate cases are filed in the state of California. It's relatively easy to locate probate realestate. However, this is a delicate matter and contacting estate executors to purchase their inherited property should be conducted with the utmost respect.

Wills in probate are public record and can be located in local courthouses. Once you find property of interest you can contact the estate executor by mail or phone. When contacting them be polite and explain you are offering a solution they may not know existed. Oftentimes they will be delighted to accept an offer of 20- to 30-percent under market value.

Investing in probate realestate can be a profitable venture. However, it is wise to fully understand the process involved. If you are interested in buying or selling probate realestate, Simon Volkov can help answer questions you may have. He can be reached by phone during normal business hours or by submitting your information through the Contact page.


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Published on April 27, 2008 at 08:17 PM | Comments: 6

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Comments

A friend of mine has put in a offer on a house to the los angeles probate court. the house was fairly priced at the time but since this time the market has droped in vaule by 8%. His contract say's that he stands to lose $30,000 for non-proformence or if he is unable to obtain funding. He is worried that the house will no longer appraise for the offered price. Is there anything he can do?

steve | October 7, 2008 11:29 AM

 

Go Back to the Administrator and explain the situation. They want to get rid of the property more likely without any problems. Work it out with them

Simon Volkov | October 7, 2008 11:37 AM

 

I have submitted an offer on a house that is in probate and have been told there were 2 other offers after mine; it also needs court confirmation. What is the next step? We were told that we have 5-7 days to find out if we were accepted. What should we expect next? We really want the house as our primary residence.

Ron White | July 5, 2009 2:04 PM

 

You just wait? The stronger your offer the more likely you will get the house.

All Cash offer. (Best)
Court Confirmation might take a while depending on the court calender.

If there is one beneficiary and they are the administartor with full authority it will not need to go for a court confirmation.

Also when you go to court for the confirmation make sure you bring cashers checks for the over bid process.

anyone in the courtroom can over bid your property in the courtroom so bring extra cashiers checks of 5K and 10K for how much higher you are willing to go.

Simon Volkov | July 5, 2009 3:20 PM

 

Interesting stuff keep it coming - Thanks!

estate sales sacramento | February 4, 2010 3:25 PM

 

I'm interested in a court confirmation real estate purchase, but the seller has already accepted an offer from someone else. If I understand, the sale must occur in a bidding process overseen by a judge, and the date of the sale must be published in a newspaper. How can I be certain that I can accurately identify the date, time, and accepted offer for this court confirmation process? Is the selling agent required to disclose this information to me? Also, if I win the bid, is there any contingency period for finalizing finances and inspection of the property?

Thanks for your consideration.

dan | September 30, 2011 9:01 PM

 

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