3 Steps When Selling A Probate or Inherited Property For Top Dollar In San Diego County, CA!
Selling San Diego real estate in probate can be a bit trickier than selling a traditional San Diego home. A basic understanding of what you can expect through the sale of a San Diego inherited house is important. With over a decade of experience as a Probate and Trust Real Estate Consultant, this information will help you to start the process.
Every Executor, Administrator or Trustee wants to sell the inherited property for top dollar. For simplicity sake we will be covering the process of a decedent’s estate in a San Diego probate. The decedent’s estate is generally supervised by the probate court. A personal representative (PR) is the person or sometimes person(s) responsible for administering a decedent’s estate.
The big picture is the PR is responsible for gathering all assets and paying the debts of the decedent to benefit the beneficiaries or heirs. Most PR’s choose to work with a San Diego Estate Attorney to handle the specific legal aspects of the probate.
The basic things you should know are:
- As PR when can the sale of the personal property and San Diego real estate begin? Selling the estate property including the San Diego real estate to pay debts, to fulfill gifts named in the will, to handle expenses of the estate or to simply remove the belongings in preparation for sale can begin once you receive your Letters of Administration appointing you as the PR. This authority is given by the probate court.The San Diego probate house sale may be sold with the help of a real estate professional, by private sale, public auction, or a any method specified in the decedent’s will. The important thing to remember is to do what the decedent would have wanted and for you, the PR to have experienced help.
- Do I have to list the property with a real estate broker and what about pricing the property? You can market and sell the property without the service of a broker. Most PR’s choose to have the help of an experienced probate real estate agent. That agent can guide you to understanding potential restrictions under the Independent Administration of Estates Act (IAEA). The IAEA gives the PR full access to settle an estate. As PR you will want to have an appraisal completed by the probate referee. The sales price must be within 90% of the referee appraisal. Your San Diego Probate Real Estate Broker can help with establishing a market value price.
- What is the Notice of Proposed Action (NOPA) and is it required prior to selling estate real property? In the case of IAEA, a notice needs to be sent to all beneficiaries of the estate. There is a timeline for it’s expiration and the sale would occur only after the notice has expired. This is an example of why most PR’s choose to work with an experienced Estate Attorney and Probate Real Estate Expert.
Imagine how you will feel when you have a team of experts helping you through the process of settling a decedent’s estate. The to-do list can be long and experience shows the process can be simpler, for you the PR, with the right people helping you.
I’m Kim Ward, San Diego Probate and Trust Real Estate Expert. Call me at 619-741-0111 and we can talk about your exact circumstances. We are here to help.