This is our August 2020 Santa Clara County probate real estate sales activity report. The data consists of properties sold in probate and homes sold in trusts. There were no conservatorship sales in the month of August. This report is presented by Certified Probate Real Estate Specialist, Kathleen Daniels, Broker-Owner of NeedProbateHelp which provides probate real estate services.
This report is comprised of statistical data from August 1, 2020, through August 31, 2020, extracted from MLS Listings “MLS” as of September 1, 2020.
The data includes single-family homes, condominiums, and townhouses and may not include “off-market” sales. An “off-market” sale is when the property is sold without listing on the Multiple Listing Service.
Santa Clara County Probate Real Estate Sales Activity | August 2020
The breakdown of the market sales activity as of September 1, 2020, is as follows:
- There were 5 homes listed as Active
- All single-family homes
- 4 probate properties
- 1 trust property
- There were 12 pending sales (under contract)
- 11 single family homes
- 1 condominium
- 10 probate properties
- 2 trust properties
One of the pending sales is listed by Kathleen Daniels, Broker. The sale of the beautiful Cory Neighborhood Home in San Jose is expected to close at the end of September.
- There were 5 homes sold
- 5 single family homes
- 5 probate sales
DISCLAIMER: All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by the broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The Impact of COVID-19 on probate real estate continues to deepen. Court closure followed by state budget cuts is certainly creating even longer wait times for hearings.
The limited court staff continues to look for ways to move the cases through the court faster.
Letters Testamentary or Letters of Administration must be issued before an executor or administrator can hire a certified probate real estate specialist to list a home for sale. The backlog is causing extreme delays in getting a hearing date to administer an estate. As the cases are heard we should start to see increased activity in selling probate real estate.
Probate Real Estate Sales | Highest Priced Home Sold
The highest-priced home sold was a single-family home located in the Blossom Valley 95123 area in San Jose. It has 3 bedrooms, 2 bathrooms, and 1,817 square feet of living space on a 5,702 square foot lot. It was listed for sale on May 28, 2020. The list price was $998,000. The sale was reported pending on June 16, 2020. Escrow closed on August 19, 2020. The final sales price reported was $1,010,000, $12,000 above the list price. Two offers were received. The buyer had conventional financing.
Probate Real Estate Sales | Lowest Priced Home Sold
The lowest-priced home sold was a single-family home located in central San Jose in the 95112 zip code. The home has 2 bedrooms, 1 bathroom, and approximately 1,156 square feet of living space on a nearly 5,765 square-foot lot. The home is 80 years old.
The home was listed on May 15, 2020. The list price is $688,888. The MLS reported the sale under contract on August 3, 2020. On August 11, 2020, it was reported sold. The final sales price reported was $700,000 representing, $11,000 more than the list price. The sale was subject to public over-bidding. It was a cash sale.
Probate Real Estate Sale Compensation
Probate real estate agent compensation is offered in the Multiple Listing Service and paid by the seller to the selling broker. Compensation may be subject to court approval.
The process for an executor or administrator selling a probate property in Santa Clara County starts with the attorney filing a petition for probate following Santa Clara Superior Court Local Rules. The process is administered by the Santa Clara County Superior Court, Probate Division, Department 13.
At the hearing, the petitioner asks for authority from the court to administer the estate. The authority granted by the court depends upon if the person died with a Will, or Intestate without a Will, and if Full Authority is granted under the Independent Administration of Estates Act or IAEA. If full authority is granted we typically have a probate sale without court confirmation.
Having the full authority to act does not mean that the process is easy or can be accomplished quickly. Read our page How long does probate take in California to learn more about the timeframe. Adding to the typical process and timeframe for probate we continue to face delays due to COVID-19.
There are reasons the probate judge may not grant full authority. There are also cases that proceed with the California probate sale overbid process.
Successor Trustee Selling a Home
When a successor trustee sells a home held in trust, as a certified trust specialist, it is our best practice to confirm the title to the real property is titled in the trust. We also confirm the representative capacity of the person selling the home. Once we get all of the necessary documents we can execute a listing agreement and open escrow.
There are some seller disclosure exemptions when selling a home in a trust. We go over the process with our clients upfront to ensure they understand what is expected of them as well as all of the details we manage.
We received several calls from people seeking help on matters that are truly legal matters regarding trusts which are great in avoiding probate. We cannot advise on legal matters because we are not attorneys. However, we can connect people with attorneys to get them the legal help they need.
Issues are getting more complex with people needing help.
We are real estate specialists in probate real estate sales. That means selling probate properties, trust homes, and property under conservatorship. Over the years we have helped many executors and successor trustees sell homes.
Understanding the challenges people face, we know a higher level of service is needed when representing an estate. That is why we focus on high-touch service versus a high volume of sales.
Experience does make a difference. Kathleen Daniels, Broker, CPRES, has extensive probate Realtor training. The core of her business is probate real estate sales.
The number of clients we work with is limited to ensure we can provide all clients with the highest level of representation. Working with out-of-state and out-of-area clients requires more time.
We track probate property sales in Santa Clara County probate court because it is important that we keep current keeping our fingers on the pulse of the Santa Clara County Probate market.
When you need help, call Certified Probate Real Estate Agent, Kathleen Daniels at 408-972-1822, or contact us and request a consultation.