Probate Real Estate Sales are "As is"

When listing and selling Probate and Trust Real Estate properties, most of these properties are sold "as is." This means that the seller does not make any warranties or representations and the property will be sold in it's present condition. Most sellers of probate properties will not do or pay for any repairs due to any defects on the property. Because the estate seller of the property has never lived in it or is familiar with the condition of the property, the estate is in no position to disclose defects.

In other words, if you are interested in purchasing a probate or trust property, it is very important that you conduct a full property inspection before writing an offer or going under contract. It's very important that the buyer is completely aware of the condition of the property and does all his/her discovery so they truly know the condition of the property.

For further information about buying probate and trust real estate, please visit our website at www.SanbornTeam.com or call us and we can set up an appointment to discuss the buying process of probate and trust sales. 310-777-2858.

Q. What is an Administrator? Another Probate Term

A. An Administrator is a person or entity appointed by the court to administer an estate when no will exists. When a person passes away without a will, the court will have to appoint a person to be in charge of dealing with the person's assets, such as a house. When a house needs to be sold and there is no will, the property has to be sold through the probate process.

To learn how to buy a house in probate, please visit our website http://www.sanbornteam.com/

What is a Court Approval Sale?

When the Executor of the estate does not have "full independent powers" the sale has to require court approval, also known as court confirmation. First an offer has to be accepted on the property and then the attorney will petition the court for confirmation of the sale. Once this petition is filed a court date is set and it usually takes place between 30-45 days after the petition is filed.

Here is the twist... At the Court Confirmation hearing, the accepted offer may be overbid by other buyers. As we discussed yesterday, the minimum overbid is 10% of the first $10,000.00 plus5% of the balance up to the amount of the accepted offer.

Let the Sanborn Team take the Mystery out of selling and buying probate properties. Please visit our website at http://www.sanbornteam.com/ to learn more about it!

What is a conservatorship?

A Conservatorship is a legal process in which the court appoints a person to make financial decisions for another person who is determined to be financially incapable to make those decisions. A conservatorship proceeding is a different legal proceeding than guardianship; it may be done independent from or jointly with a guardianship proceeding.

More briefly, conservatorship is the legal right given to a person to manage the property and financial affairs of a person deemed incapable of doing that for himself or herself.

Sometimes real property in a conservatorship must be sold and the terms of the sale are like those of a probate sale. All properties in a conservatorship require court confirmation.

The Sanborn Team specializes in selling houses for conservatorships and getting top dollar for our clients. To learn more, call us: 310-777-2858