Important Considerations for the Executor of Estate
In the past few months I’ve spoken with several Executors of Estate and Administrators responsible for a San Diego property in probate that think the best decision is to sell the San Diego estate home directly to a cash investor.
Part of the San Diego probate process is for notice to be placed in a local newspaper similar to the San Diego Daily Transcript. This gives notice to interested parties (primarily investors and real estate agents) that a probate is in process. The next step is the San Diego investors and San Diego real estate agents research if the estate has a San Diego property. Then the marketing begins!
San Diego Executors of estate and Administrators tell me that they receive a lot of mail and some phone calls from people wanting to purchase or list the property. They tell me that it is very overwhelming. Many of the mail pieces will offer a purchase price for the San Diego estate property. This can prove to be problematic because the interior of the property has not been viewed, and experience shows once the San Diego investor views the interior, the price is adjusted. And, I’m not telling you it gets adjusted higher.
In conclusion and in my opinion, selling a piece of San Diego property to an investor is not the best idea.
The reasons are:
- There are many people in the market ready to buy San Diego real estate and willing to pay much more than a cash investor.
- The California Association of REALTOR documents that need to be part of the transaction to protect the financial and legal rights of the estate and the Executor or Administrator need to be completed accurately.
- The person that is purchasing the San Diego probate property is naturally looking out for their best interest, not the best interest of the estate.
As the executor of estate, before you decide to sell the San Diego real estate, call me Kim Ward for a free no-obligation consultation at 619.741.0111. We can discuss your exact circumstances and you will then make an informed decision.