The Top Five Questions Posed by San Diego
Trustees, Executors and Administrators
Having worked in the San Diego probate and trust real estate market for over 16 years, I have found that there are some questions San Diego trustees, executors and administrators ask time and time again. If you’re a San Diego trustee, executor or administrator you likely have some of these same burning questions that you would like answers to, and here are my top five.
Question #1: Should I make repairs to the San Diego real estate in a trust or probate prior to selling it?
Answer: The simple answer is… Maybe
Every San Diego estate property is distinctive in too many ways to simply give a cookie cutter answer to this question. Some of the variables that have the most influence on this question include:
- How liquid is the estate? – If the monetary value of the estate is wrapped up in the San Diego estate property, then it may not be wise to postpone the sale for repairs. On the other hand, if there is a great deal of liquid assets (money in accessible accounts) it may help increase the San Diego estate property value to complete cost effective repairs.
- What is the state of the market? – When in a buyer’s market, it may be necessary to apply more money towards completing cost-effective repairs before selling. A seller’s market may allow for more competition looking to buy the property, in less than perfect condition, and could allow for a speedy sale with a high sale price.
- How good or bad is the condition of the San Diego estate property? – Minor repairs are often needed for safety when selling a property using FHA or VA loans. However, if those repairs are extensive, it is simply more logical to sell a San Diego estate property to conventional or cash buyers avoiding having to make the repairs at all.
Every San Diego estate property is technically sold “as-is”. The California Association of Realtor (CAR) Purchase Agreement document defaults to every purchase “as-is”, but in reality, once a buyer of a San Diego estate property completes the inspections, experience shows they submit a CAR Request for Repair. Your real estate advisor, like me, will then help with the negotiation of the Request for Repair. I recommend that the San Diego trustee, executor or administrator throw money at the problem; we negotiate an acceptable price reduction or money towards the San Diego buyer closing costs in lieu of actual repairs. That said, sometimes it is best to offer the San Diego estate property upfront completely “as is”. If the San Diego estate property is in disrepair, it can be financially beneficial to simply sell the property “as is” and avoid the time, money, and energy of completing repairs. In most cases of an “as-is” sale, the San Diego estate real estate buyer is an investor that purchases the home with cash.
Question #2: What needs to be completed by me, the San Diego trustee, executor or administrator, to prepare the San Diego estate property for sale?
Answer: Find Help and Delegate
As the San Diego estate representative, it is your responsibility to represent the San Diego estate to the best of your ability and obtain the most money for the beneficiaries. After years of experience working with hundreds of San Diego trustees, executors and administrators, like you, I’ve observed that the most efficient way to fulfill your responsibility is simply to get help. There are countless vendors that can utilize to help make the process easier on you, and ensure that the San Diego estate property is prepared and sold for top dollar in any market. My team and I strive to help our clients each step of the way when selling the San Diego estate property. From the first initial walk thorough, to the estate sale, repairs, cleaning, and professional photographs the goal is to help you “press the easy button”. This is why we have a list of vendors we trust that we share with all our clients.
Question#3: How do I, as the San Diego Trustee, executor or administrator, determine the best list price for the San Diego estate property?
Answer: Hire an experienced real estate agent to assess the value of the San Diego Estate property.
An experienced real estate agent will determine the list price of the San Diego estate property by gathering comparable prices from other properties in the area; then compare those properties to the San Diego estate property. It will include in-depth information on the recent sales in the area, such as price per square foot, condition of the properties and the number of days the property was on the market. Taking into consideration the information in the analysis, we will be able to determine a list price that is appropriate for the market, and will attract the greatest number of qualified San Diego buyers and cause the house to sell, but not give away thousands of dollars of the San Diego estate’s net proceeds.
Question #4: Is the paperwork for the sale of a San Diego estate property different from a traditional real estate transaction?
In most San Diego real estate transactions, the seller is required to disclose information about the property, including defects such as water intrusion, roof leaks, broken appliances, evidence of pest infestation, etc. For San Diego estate properties this is not the necessarily the case because the San Diego trustee, executor or administrator typically has never lived in the property so they’re not aware of these types of defects. San Diego probate and trust sales require special disclosures, listing agreements and purchase contracts. The California Association of Realtors has forms specifically for San Diego probate and trust transactions.
Having an experienced real estate consultant, someone who is a Certified Probate Real Estate Advisor, like me, help the personal representative through the proper completion of the disclosure documents is critical to protecting the legal and financial rights of both the San Diego estate and the San Diego personal representative of the estate.
Question #5: How do I choose a San Diego real estate agent to help me prepare, market, and successfully sell the San Diego estate property?
Answer: Do your research
You are free to choose any San Diego California licensed real estate agent, but it is important to remember that San Diego probate and trust real estate sales are complicated legal matters. Most real estate agents are not experienced or well-versed in the probate or trust sale process in California.
It makes sense to choose a San Diego real estate agent, like me, who specializes in San Diego probate and trust real estate, and who understands the intricacies of pricing, marketing and presenting such properties. Your San Diego agent will represent your financial and real estate legal interests throughout the transaction; being able to understand and explain the process is essential.
Have more questions? An experienced San Diego real estate agent is standing by to take your call at (619)741-0111. And always, our purpose is to help you feel comfortable throughout the entire San Diego estate real estate transaction.