Probate Sales
PROBATE SALES
Experience:
After a thorough RFP process involving over 100 real estate agents and brokers, Robert Stuart was awarded one of five exclusive sales contract by the San Mateo County Public Administrator to sell probate properties. Robert is experienced, ethical and professional in his dealings with executors and understands his sacred role as fiduciary to his clients.
Probate:
Probate is a court procedure to close the estate of a decedent and distribute the assets to the heirs and beneficiaries after paying off the decedent’s debts. During probate, all assets of the Decedent are collected and accounted for, the Decedent’s debtors are paid and the remaining assets are distributed to the heirs or other beneficiaries.
Definitions:
Decedent, Executor, Heirs and Estate. The property owner who dies is called the Decedent. The executor is usually chosen by the property owner but may be appointed by the Court. Heirs are those who will inherit the net proceeds of the assets which are collectively called the estate.
Authority:
The Independent Powers Act (aka California Independent Administration of Estates Act) usually grants the Executor of the Estate either Full or Limited Powers. If the Executor has Full Powers he may sell the assets without Court approval or confirmation in order to liquidate and distribute the Estate.
The Sales Process:
The Executor informs the heirs and beneficiaries of the decision to liquidate the assets and has them consent to the sale. The Executor then signs a probate listing agreement with a Real Estate Broker on behalf of the Estate. The Realtor markets the property and obtains the highest and best offer which is presented to the Executor for signature. After the Executor signs the purchase agreement, escrow closes and the proceeds are placed into an account for distribution to the Heirs.
The sales process may become more complicated if the Executor chooses or is forced to subject the sale to court confirmation. In this process, an offer is accepted at an initial bid opening. In San Mateo County, this offer is submitted to the San Mateo County Superior Court for confirmation and is subject to an overbid by any other buyer that is willing to pay 105% plus $500 more than the highest initial bid. If there are no overbids, the sale goes through as initially planned. If there are multiple buyers at the court confirmation hearing, the court conducts an open air auction until the highest and best offer is attained.
While having a court confirmation may sound great as it allows for a second round of offers, it increases the length of the sales process by 4-8 weeks and it may not obtain the highest and best offer because many buyers refuse to participate in a sales process where they can “win” an initial bid and then “lose” the property after tying up their hopes, energy and resources for one to two months.
Real Estate Services Available:
Professional Real Estate Brokerage tailors its services specifically to benefit Executors and their clients depending upon their needs. Out of town Executors may need us to marshal other service providers such as housecleaners, haulers, gardeners, painters, auctioneers, handymen, contractors, title and escrow professionals, stagers and inspectors to help in the preparation, marketing and sales process. Please call Robert Stuart today at 650-740-5740 or e-mail him at robertstuart1@yahoo.com with your probate sales needs.
Cities/Areas Served:
Professional Real Estate Brokerage provides services primarily in the following San Mateo County and Santa Clara County cities and areas including: Atherton, Menlo Park, Sharon Heights, Woodside, Portola Valley, Redwood City, Redwood Shores, Emerald Hills, San Carlos, Belmont, San Mateo, Foster City, Hillsborough, Burlingame, Millbrae, San Bruno, South San Francisco, Daly City, Broadmoor, Pacifica, Half Moon Bay, East Palo Alto, Palo Alto, Los Altos, Los Altos Hills, Mountain View, Sunnyvale, Cupertino, Santa Clara, Saratoga, Monte Sereno, Los Gatos, Campbell, San Jose, Willow Glen, Cambrian and Alviso.
