Probate sales are when the owners of a property(s) have passed on without the existence of a trust. Do not get this confused with a Will which holds no legal weight in deciding factors of the probate like beneficiary(s), Executor of the Estate and more. Judges may look at Will’s to help with deciding things but keep in mind, they do not hold any legal weight in California – You must have a trust if you want to have your wishes full-filled upon your passing.
Probates are very typically a lengthy process taking anywhere from 6 months to over a year depending on the amount of assets and claims to the right of the property by different family members.
Probate is also a very expensive process, typically around $15,000 for a single property with other minimal assets…you can expect the price to be much higher if there are multiple properties and other valuable assets. Keep in mind, when you have a Trust, your only cost is the upfront charge of having the attorney create the Trust which on average Attorney’s charge between $2,000-$3,000 for all documents and having the recording of the documents with the county.
Probate sales can happen in 1 of 2 ways.
#1. This is the easiest sale where the judge will appoint an “Executor of the Estate” in which one single family member will handle many of the decisions when it comes to selling the property including which offer to accept.
#2. The Judge handling your probate will handle all facets of the sale including which offer to accept and will be a slower process due to the restrictions of having to go to court for all the proceedings.
Some probate sales may also be subject to over-bidding in which an originally selected offer may be over-bid in the court hearing. These are subject to over-bid rules.
If you are in need of our service please call us at 949-954-6571 and speak with one of our great staff members to assist you with opening your escrow today!