To say that it has been a wild ride as a Probate Realtor for the past two-plus years is an understatement. Have probate home sales slowed down? With the closure of the Santa Clara County Probate Court due to the pandemic and the state budget cuts, estate representatives waited up to six (6) months for a hearing date before they could list the probate home for sale.
Post-Pandemic Probate Home Sales
The Santa Clara County Probate Court is open and the backlog of cases is slowly moving through the court system. We continue to track the sales however we have not posted monthly statistical data since late last year.
All Santa Clara County inventory of homes for sale continued to be low and the demand remained high. With interest rates increasing some speculate the market will start to adjust to a more normalized market. It is too soon to tell by looking at the month-over-month market data.
Investors continue to call and text looking for off-market probate home opportunities.
March 2022 Probate Homes Sales Activity
The following data is comprised of Santa Clara County probate home sales from March 1, 2022, through March 31, 2022, extracted from MLS Listings “MLS” as of April 1, 2022.
5 homes were listed as Active status (available to purchase). Of the 5 homes available to purchase, 3 were single-family homes and 2 were condominiums:
- 1 was being sold under a Conservatorship
- 1 was sold as part of a Trust estate, and
- 3 were being sold as part of a probate estate.
12 Pending sales (under contract). All 12 pending sales were single-family homes.
- 11 probate estate homes
- 1 trust estate
9 Sold homes (title transferred to the new owners and escrow closed). 7 of the 9 sold homes were single-family homes and 2 were condominiums.
- 8 probate estate homes
- 1 trust estate home
- The list price was $2,080,000
- 4 bedrooms
- 2 full bathrooms
- 1,273 Sq.Ft. living space
- 6,718 Sq.Ft. Lot
- 7 days on the market
- The buyer had conventional financing
- The final sale price was $2,975,880 ($895,880 over the list price)
We posted about the highest-priced probate home sold in November 2021 was in Cupertino 95014.
DISCLAIMER: All data is obtained from various sources and has not been, and will not be, verified by the broker or MLS.
We do not want anyone to find out the hard way that experience does make a difference. We recently consulted with co-trustees of a family trust. They interviewed seven (7) real estate agents. After two (2) one-hour-long consultations and a visit to the home, it was crystal clear they wanted to hire the listing agent offering the lowest commission.
Given that we are a full-service brokerage, playing limbo with the fees was not an option. We were asked if they could hire us as a consultant because they knew they needed our knowledge and expertise. That was not an option either given that our knowledge, expertise, and time are reserved for our clients.
Kathleen Daniels is a Real Estate Broker, Certified Probate Real Estate Specialist “CPRES” and Certified in Professional Fiduciary Management for Trustees. Her level of education, training, and experience sets her apart from what discount brokers offer and many other real estate agents in the industry.
We recently consulted with a person selling a non-probate home. They were referred to us by a lender we have worked with for years. This person had never sold a home before. They purchased their own home 25 years ago. The home they are selling was the family home of 40 years. The title to the home was in the family trust. Following the death of the second parent, per the terms of the trust, they recorded a deed transferring title to the trust to them as an individual.
Kathleen explained her personal story regarding when and why she focused her business on probate real estate. The person expressed their belief that because Kathleen and her team are probate specialists, she was not qualified to list a non-probate home. She explained that she is more than qualified to list homes that are not part of a probate or trust estate.
Our consultative approach with prospective clients allows us to determine their specific needs. If we feel we are not a good fit we will let them know. We are committed to providing quality service and limiting the number of clients we work with at any given time.
If you need help as a successor trustee or selling a probate home in Santa Clara County, contact Kathleen Daniels, Probate Realtor, and request a consultation.