Selling A Home In Probate

Dear Phyllis, I will be inheriting my uncle’s home but first, it needs to go through probate. How does this affect selling it and what steps should I take to manage the process? John

Dear John,

Selling a Los Angeles County home in probate presents unique challenges due to the legal oversight involved. The process requires patience and close coordination with attorneys and real estate professionals experienced in probate transactions. The Los Angeles County Superior Court supervises the entire estate settlement ensuring debts, taxes and assets are appropriately managed before distribution to heirs. The process begins with filing a Petition for Probate with the court, leading to the appointment of an executor or administrator. This individual is responsible for gathering all assets, settling outstanding debts and taxes, and distributing what remains based on the will or if there is none according to California law.

A key step in this process is obtaining a court-approved appraisal to ensure the home is sold at fair market value. In my experience, probate proceedings take around six months to close escrow but can extend if court approval for the sale is required. One significant aspect of probate sales in Los Angeles County is the potential for overbidding. When court confirmation is necessary, an accepted offer is just the first step. The sale must be publicly advertised, giving other buyers an opportunity to submit higher bids. While this process can sometimes increase the final sale price, it also introduces uncertainty, which may deter some buyers hesitant about being outbid. Navigating a probate sale requires careful planning and strategic execution. Sellers must be prepared for court imposed deadlines, public bidding processes and potential delays. Additionally, working with a real estate professional who understands the nuances of probate sales can help streamline the process and ensure compliance with legal requirements.

Though probate sales can be complex, the right guidance and approach can make the transaction smoother and more successful. Understanding the steps involved and preparing for possible challenges can help executors and benefi ciaries achieve the best outcome while complying with court regulations. 

Phyllis