This is our June 2020 Santa Clara County probate 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 June. 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 June 1, 2020, through June 30, 2020, extracted from MLS Listings “MLS” as of July 1, 2020.
The data includes single-family homes, condominiums, and townhouses and may not include “off-market” sales. On “off-market” sale is when the property is sold without listing on the Multiple Listing Service.
Santa Clara County Probate Real Estate Sales Activity | June 2020
The breakdown of the market activity as of July 1, 2020, is as follows:
- There were 8 homes listed Active
- 6 single-family homes
- 2 condominiums
- 7 probate properties
- 1 trust property
It’s important to note that 5 of the properties listed active during this period are properties that were previously withdrawn from the MLS due to the Impact of COVID-19.
- There were 4 pending sales (under contract)
- 4 single-family homes
- 3 probate properties
- 1 trust property
- There were 4 homes sold
- 3 single-family homes
- 1 townhouse
- 3 probate sales
- 1 trust sale
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 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 Court had been closed for several months due to COVID-19. Administration of Estates hearings that were on the court calendar got continued. Although new petitions were getting E-filed, hearing dates were not being set until the court opened again or cases heard remotely via Court Call. The Santa Clara County Probate Court resumed hearing cases on June 17, 2020.
Letters must be issued before an executor or administrator can hire a certified probate real estate specialist to sell a home. 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.
Lowest Priced Home Sold
The lowest-priced property sold was a condominium located in Milpitas in the 95035 zip code. It has 2 bedrooms, 1.5 bathrooms, and 976 square feet of living space. It listed for sale on January 29, 2020. The list price was $559,000. The sale was reported pending on February 20, 2020. Escrow closed June 2, 2020. The final sales price reported was $580,000, $21,000 above the list price. The buyer had conventional financing. This probate sale required court confirmation.
Highest Priced Home Sold
The highest-priced property sold was a single-family home located in the downtown area of San Jose in the 95112 zip code. The home has 3 bedrooms, 2 bathrooms, approximately 2,020 square feet of living space on a 5,846 square-foot lot. The home is 102 years old.
The home listed on April 29, 2020. List price $998,000. The MLS reported pending status on May 11, 2020. On June 16, 2020, it was reported sold. The final sales price reported was $985,000, $13,000 below the list price. The buyer had conventional financing.
In the video below, Tom Parke, a mortgage lender, explains the importance of screening buyers and why it is best for buyers to have underwriting 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 time frame.
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 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 are 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 real estate sales in Santa Clara County because it is important that we stay current by keeping our fingers on the pulse of the Santa Clara County Probate real estate market.
When you need help, call Certified Probate Real Estate Agent, Kathleen Daniels at 408-972-1822, or contact us and request a consultation.