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Probate Real Estate Process
This is a general overview of the Probate process and should not be considered legal advice. For more information contact a Probate Attorney or we can provide a list of references.
What is Probate? Probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person's property under a will, including real property.
1. Appointment of Executor (or Administrator)
The decedent (deceased person) names a person in their will as the Executor. If that person is willing to serve then they will be appointed as the Executor. If the person is unwilling to serve, or there is no will, or if the will does not name an Executor then the courts will appoint an Executor. This person could an heir, someone recommended by an heir or a Public Administrator.
2. Probate Referee
An appraisal on the property is provided by the Probate Referee.
3. Sale of Property
Eric McCormick and London Properties put the property on the MLS and advertise the property. This may include signage, open houses, online or print advertising, networking and solicitation of other REALTORS®. London Properties is the largest real estate broker in the Central Valley with more than 400 REALTORS®. Eric McCormick is an award-winning marketing consultant and REALTOR® who will design a marketing plan for the property.
4. Accepted Offers
For offers to be accepted they must be 90% or more of the Probate Referee's appraisal price. Eric McCormick will work with the Attorney or Executor to determine the best offer and negotiate the terms. If the Executor has full independent powers under the Independent Administration of Estates Act (IAEA) a Notice of Proposed Action is mailed all heirs. The heirs have 15 days to review and object.
If there are no objections then the sale can proceed without a court confirmation hearing.
If the Executor does not have full independent powers, or if an heir objects to the sale, then additional steps are required. A notice of the sale must be published in a generally distributed local newspaper, unless the will specifically does not mandate such action.
5. Court Confirmation
With an accepted offer your attorney applies for a court date for a confirmation hearing. This usually takes between 30 to 45 days for the application date. A copy of the petition and details of the sale are mailed to all interested parties.
6. Confirmation Hearing & Overbidding
At the Court Confirmation hearing, the property is subject to overbid from new buyers. The minimum overbid is 10% of the first $10,000.00 plus 5% of the balance up to the amount of the accepted offer. A cashier's check for at least 10% of the minimum overbid price must be shown to the court in order to make an overbid. The check is given to the Executor at the hearing. A contract is signed and escrow is opened. Escrow usually takes 30 to 45 days.
Original offer: $300,000
First overbid minimum: $315,500
x 10% = $31,550 amount due at hearing with cashier's check
For a CMA on your property call/text Eric McCormick at 559-304-4637.
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