 Welcome to The San Fernando Valley Probate site. This is your one-stop your source for San Fernando Valley Probate, Conservatorship and Trust Sales. Our clients include Attorneys, Conservators, Trustees and people like you that need a knowledgeable hand in navigating an often complex process. If you have a home to list we have a network of people ready and willing to help you. As your Probate Realtors© our team of professionals will assist you in getting the home ready to list (cleaning, painting, trash removal, inventory etc.),determine the market value of the property, put the property in the MLS, market the property with our "WE OFFER MORE" Marketing Plan, explain the process to all potential buyers and their agents, handle all offers and the paperwork, continue to market the property aggressively to encourage overbids in court, open escrow and solve any problems that may come up and close escrow. AND we will keep in regular contact with you through the whole process so you will always know what is going on.
If you are looking to purchase a San Fernando Valley Probate, Trust or Conservatorship Property we can help you understand the disclosures and conditions, help you get loan approval, assist you if the sale requires court approval and explain and aid you with the overbid process if needed. Whatever your needs Todd and Heather are here to help!
Keller Williams Realty
12711 Ventura Blvd. Suite 180, Studio City, CA 91604
Probate: How It Works The term Probate is used in a couple of ways. It is used in reference to the filing of a will with the court but for our purpose here we are talking about the way real property is handled after death.
Probate Sales can be handled two ways: the easy way is if court confirmation is not needed. This works if all of the heirs are in agreement. The more complicated method is through the Probate Court. There are steadfast rules regarding a probate sale that involves the court. Procedures MUST be followed; every i must be dotted , every T must be crossed. Below is a list of some of the things you can expect to happen.
- Appointment of the Administrator or Executor of the estate.
- A Probate referee who will be appointed by the court appraises the property. It should be noted that all offers MUST be at least 90% of the Probate Referee's Inventory valuation. That evaluation cannot be more than one year old.
- When an offer is accepted (subject to Court approval) by the Executor, a Court Hearing is scheduled by the attorney representing the estate. A Notice of the Hearing is published (a minimum of 3 times over at least 8 days, starting at least 10 days before the sale) A public Hearing is held in Court where overbids are requested. There is a statutory formula for the first overbid. It is an additional amount equal to 10% or more, on the first $10,000 and 5% on the amount of the original bid in excess of $10,000.
Accepted offer = $100,000
First overbid is 10% of first $10,000 = $1,000
5% of $90,000 = + $4,500
Minimum of first overbid is $105,000
- Typically, a 10% cashier's check is required in Court as a deposit.
The above is a simplification of a complex procedure for a more detailed explanation call Heather and Todd or an attorney.
This should not be taken as legal advice. Only an attorney can offer legal advice. If you are need of a Probate Attorney we would be happy to offer our referral list.
Gossary Of Probate Terms · Administrator - The person appointed and qualified by the Clerk to administer the decedent’s estate when there is no Will. · Beneficiary - A person or organization entitled to receive a portion of the decedent's estate. · Conservator - A person appointed by the Court who is responsible for managing the estate and financial affairs of an Incapacitated Adult. · Conservatee - The person being provided for under a conservatorship. · Conservatorship: A court proceeding where a Conservator is appointed. · Decedent- Deceased person · Estate - Property (real estate, personal property, assets) owned by decedent at the time of death. · Executor - The person named in decedent's Will to administer the estate. An Executor must qualify before the Clerk to obtain the legal authority to administer an Estate. · Probate Real Estate Sale - The court supervised sale of real property from the decendents estate. · Probate Referee - is a person who has been appointed by the California Controller to value property located in a specific county in the State of California. Probate referees independently appraise all real estate and tangible and intangible personal property in probate estates. · Real property- Buildings and land.
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