There are many differences between selling probate property and selling traditional property. It’s for this reason that you need a real estate agent who has a specific set of skills — those that make them equipped to handle the complicated ins and outs of the probate process and get you the best value for your probate home.
Before you hire a real estate agent to sell your inherited estate, ask them what the difference is between selling a probate property vs selling a traditional property. If they have probate experience, they should know the answer to this.
So what are some of these key differences?
You can't do anything with the probate property until an executor has been named.
One difference in a probate case vs a traditional property is that you aren’t allowed to clean, sell, or discard anything in the decedent’s home before an executor is named. This might seem weird not to be able to touch your loved ones possessions, but it is the law. The executor is named by the courts after filing for probate.
There is a difference between full and limited authority per the independent administration estates act.
It is required for any probate property sale to be confirmed by the court. However, this isn’t necessary with something called Full Authority.
If the personal representative is granted Full Authority, they don’t need prior court approval before they do things with the property, such as selling the estate. If they have limited authority, they are required to consult the courts first.
This distinction doesn’t have to be made when it comes to selling a traditional property. It’s just one more way in which probate sales differ.
Notifying the newspaper of your probate property.
In a probate case, in California, you are required to list your probate property in the local newspaper prior to the sale unless you have Full Authority. This is known as the Notice of Sale. Over the course of 10 days, your property listing must be published at least once a week, a total of three times. You must not publish the third listing any less than 5 days after the first.
A probate home cannot be sold at just any price.
There are more pricing rules when it comes to selling probate property. Unlike with selling traditional properties, a probate property requires a sale price that is at least 90% of the appraised value set within a year of the sale.
Because the two processes are so different, it’s important to hire a realtor with experience in the probate process. Otherwise, you run the risk of missing important steps, or being ignorant of certain laws and procedures. Hiring a probate realtor will help you save time and money.
Our team at Josh V Realty has a combined 120+ years of experience selling probate properties. We are attentive and communicative to your needs and will be there for you to get the job done. Call Josh V today for a free consultation. You’ll be glad you did.