This is our July 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 July. 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 July 1, 2020, through July 31, 2020, extracted from MLS Listings “MLS” as of August 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 | July 2020
The breakdown of the market sales activity as of August 1, 2020, is as follows:
- There were 5 homes listed as Active
- All single-family homes
- 4 probate properties
- 1 trust property
One of the five active listings is listed by Kathleen Daniels, Broker. The sale of the beautiful Cory Neighborhood Home in San Jose is now pending. Escrow is expected to close at the end of September.
- There were 9 pending sales (under contract)
- 8 single family homes
- 1 condominium
- 8 probate properties
- 1 trust property
- There were 3 homes sold
- 3 single family homes
- 3 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.
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.
Highest Priced Home Sold
The highest-priced home sold was a single-family home located in Sunnyvale in the 94087 zip code. It has 4 bedrooms, 2 bathrooms, and 1,601 square feet of living space on a 10,000+ square foot lot. It was listed for sale on May 15, 2020. The list price was $1,950,000. The sale was reported pending on May 28, 2020. Escrow closed on July 1, 2020. The final sales price reported was $2,085,000, $135,000 above the list price.
Lowest Priced Home Sold
The lowest-priced home sold was a single-family home located in the Burbank Neighborhood of San Jose in the 95128 zip code. The home has 3 bedrooms, 1 bathroom, and approximately 1,237 square feet of living space on a nearly 6,000 square-foot lot. The home is 81 years old.
The home was listed on February 28, 2020. The list price is $925,000. The MLS reported the sale under contract however it fell through and came back on the market. On May 29, 2020, the price was reduced to $899,000. The home went under contract again on June 24, 2020. On July 17, 2020, it was reported sold. The final sales price reported was $866,000 representing, $59,000 less than the original list price. The buyer had conventional financing.
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.
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.
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.
In one week we helped three people:
- Referred an attorney for a 15404 petition and referred an out-of-area real estate broker to list the home once the legal matters are resolved.
- Referred to an attorney to review two separate trusts, one revocable living trust, and an irrevocable trust created by their now-deceased family member. Referred an out-of-area real estate broker to list the home once the legal matters are resolved.
- Referred a real estate attorney well versed in evictions to consult on matters pertaining to how the successor trustee managing a trust estate attempted to kick out his own mother and aunt from the property so it could be sold.
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.