What is a Probate Home Sale in Real Estate?

What is a probate sale in real estate? Hi, I'm Shemeika Fox, your Santa Cruz real estate expert, and if you have been in the real estate market for any length of time, I'm sure you have either come across a probate sale, or heard about a probate sale.

So what is it? A probate sale is the sale of somebody's property who has passed away without leaving a will. And in general, the estate will hire an estate attorney to help with the transaction, because it can be quite complicated and arduous and has to go through the court system.

How does a probate sale work? Watch this video for an in-depth explanation!

If you are considering buying a probate property or selling a probate property, please feel free to reach out to me, I'm Shemeika Fox, your Santa Cruz real estate expert, and I have been specializing in probate sales for over 12 years! I would be happy to help you!

Film & Edit by: @ellievg.art

Shemeika Fox: Your Santa Cruz County Real Estate Expert. My passion for helping people achieve their Santa Cruz Real Estate dreams is complimented by my strong work ethic. Our focus is to help you sell your Santa Cruz County California property faster and for more money… and to help you find and buy the perfect home with little hassle.

Shemeika Fox
Santa Cruz Realtor
eXp Realty of California Inc.
Fox Realty Group Inc.
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Once the representative of the estate hires a real estate agent to help with the process of the probate sale, and you should hire a real estate agent or a realtor who has probate sale experience, because it is quite different, and much more complex and complicated than a normal real estate transaction. So once you have hired a real estate agent to help with the sale of the property, the realtor will put the home on the market, normal. But the court will have received what's called an appraisal, done by a probate referee, which is a specific type of appraiser that actually appraises the entire estate. And the court is not allowed to, unless it is confirmed by a judge, but they are not supposed to sell the property for anything less than 90% of the appraised value. So once you have the probate referee's appraised value, the realtor will put the house on the market, either for that appraised value, or potentially higher or lower, depending on the marketing strategies of the realtor and the estate. They'll market the home for sale. And they will collect offers. Once the offers come in, the initial negotiations are pretty traditional in the sense that if you have multiple offers, in my opinion, a good realtor will always counter all offers that come in with a multiple counter offer so that you can generate the highest offer with the best terms for yourself. Once the estate has decided which offer to accept from a buyer, a semi-normal escrow period will begin, during that escrow period, however, your transaction will be placed on the court calendar. This part can take anywhere from 30 to 90 days or more, depending on how busy that court system is. So your transaction will be placed on the court calendar for a probate sale, and the property will go to court. That can't happen until all contingencies from the buyer have been removed, and the buyer's ready to proceed towards the closing. Once we have a court date for the probate sale, then the estate attorney will send a notification to any and all heirs, as well as any interested parties, or parties who have written offers on the probate property, so that they can show up to court and actually potentially overbid the buyer who is currently in escrow. The thing to consider if you plan to show up to overbid on a probate property is one, you have to close within 10 days of the court confirmation hearing. So if you're planning on getting a loan and buying a probate sale at the court confirmation hearing, you better have that loan in place. Most people who buy probate sales at the court confirmation hearing either have hard money loan, or they have all cash and they are ready to close. The second thing to consider is that the initial offer at a court confirmation hearing, is it has to be 5% plus $500 above the accepted offer, or the offer that is currently in escrow.