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Probate Sale Info

Posted by on Sep 23, 2016 in Uncategorized | No Comments

I list quite a few probate homes for sale.  I feel privileged to help the family with the sale of typically a loved one who has passed.  It’s a sensitive transaction and the family is usually exhausted having to deal with the attorney, cleaning out the house..often of a lifetime of memories, disposing of items, dealing with the deceased finances and then choosing and hiring a Real Estate agent.

I do my best to be helpful and support the family in their process, whether I can provide service providers contact to help or I send my own people to help, giving them direction on estate sales or making donations of furniture, clothing etc. and then taking as much off their plate as possible, dealing with the bank or banks that hold the mortgage, the city if there are compliance issues and guiding them on ways to make the sale easier on them.

I’ll tell you what happens every time a probate sale hits the MLS.   Investors come out of the woodwork and approach the list agent without ever having seen the property.  The emails are almost exactly the same and read something like this:

Dear Rebecca,

I’m an all cash buyer who would like you to represent me in purchasing your listing at____________.  I can do no inspection and a 10 day close.  I’d like to offer_____________.  (Typically 20% lower or more than the list price.)  Please let me know if you can help me.

XYJ Investments.

Now, some list agents are swayed by this and want the double commission but there is a big issue.  The investors will NEVER pay the highest price.  They have to leave room to do the updates/repairs and then re-sell and make a decent profit.   The terms tend to be inspection and a quick close but if the family wants or needs more, it’s likely going to be an actual user/buyer who will be willing to pay more.

When you are looking for an agent experienced in probate sales, be sure to ask them how they will handle buyers making offers through them or perhaps make it a condition of the listing that they may not represent the buyer.   You want to be sure all offers are presented equally and fairly and you as the administrator of a probate make the decision on what’s best for the estate.

If you have a probate home to sell, please give me a call 310.989.4466.  I’d be honored to help.