This is our March 2019 probate homes sales in Santa Clara County market activity report. The data consists of homes sold in probate and include trust and conservatorship sales.
There is a legal process an executor and administrator must follow to administer an estate. The process includes how to sell a probate home.
This report is comprised of statistical data from March 1, 2019, through March 31, 2019, extracted from our local Multiple Listing Service (“MLS”) as of April 1, 2019.
The data includes single family homes, condominiums, and townhouses and may not include “off-market” sales.
Probate Homes & Trust Sales Activity in March 2019
The breakdown of the sales activity as of April 1, 2019:
- There were 9 homes for sale
- 5 single family homes
- 2 condominiums
- 2 townhouse
- 7 probate homes
- 1 conservatorship
- 1 trust
- 5 pending sales (under contract)
- 4 single family homes
- 1 condominium
- 5 probate sales
- 4 Homes Sold
- 2 single family home
- 1 condominium
- 1 townhouse
- 3 probate sales
- 1 conservatorship
Highest & Lowest Price Homes Sold
The highest price probate home sold was a single family home located in San Jose 95124. The home has 3 bedrooms, 2.5 bathrooms, approximately 2,525 square feet of living space on a 24,000+ square foot lot. The home is 69 years old.
The home listed on January 30, 2019. List price $1,949,000. After 25 days on the market, on February 24, 2019, the MLS reported pending status. On March 21, 2019, it was reported sold. The final sales price reported was $2,375,000 which is $426,000 above list price. 12 offers were received. The buyer had conventional financing.
The lowest price sold was a single-family home in San Jose 95116. The home has 3 bedrooms, 2 bathrooms, and approximately 1,129 square feet of living space on a 3,400 square foot lot. The home is 37 years old.
It listed on January 16, 2019, at a list price of $740,000. On January 31, 2019, the list price was reduced to $699,888.
On February 6, 2019, the status was reported as pending. On March 4, 2019, it was reported sold. The final sales price reported was $691,000 representing $49,000 below the original list price. The buyer had conventional financing.
Certain market segments remain HOT as witnessed by the highest priced home sold in March 2019. Other areas are experiencing a cool down with longer days on the market and price reductions.
This is true of all home sales in Santa Clara County, not just probate home sales.
Selling a home in Probate in Santa Clara County
The process for an executor selling a probate home in Santa Clara County starts with the filing of a petition for probate with the Santa Clara County probate court. The process is administered by the Santa Clara County Superior Court, Probate Division.
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.
In the video below, Jennifer F. Scharre, probate and trust attorney discusses the advantages of administering a California probate estate with the power to sell real property without the court’s permission. This authority is granted under the Independent Administration of Estates Act.
There are many things an executor needs to know about selling a probate home. The probate property sale procedure must be followed. Once the court grants authority to act on behalf of an estate and issues “Letters” the home can be listed with an experienced real estate agent. Some sales require court approval. Most probate home sales are sold without court approval.
“For example, when selling a parcel of real property independently, you can find a real estate agent, you can list the property, you can sell it and you can close escrow all within a very normal amount of time – somewhere around 30 days.” Jennifer F. Scharre
Once an offer is accepted, the attorney for the estate follows the California probate notice requirements and sends a notice of proposed action to all parties entitled to receive notice. If there are no objections to the sale the balance of the home selling process is much like a non-probate home sale.
Jennifer discusses how to probate an estate in California in a short video.
Successor Trustee Selling a Home in Trust
When a successor trustee sells a home held in trust we need to confirm the title to the real property is held 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 and all of the details we manage.
Selling Property Under California Conservatorship
We are seeing an increasing number of homes being sold under conservatorship. Often times selling a conservatee’s home becomes necessary because funds are needed to cover assisted living expenses, medical bills and other expenses associated with overall care.
California conservatorships are managed by the probate court. All homes sold under conservatorship require court approval. Once the probate court approves the sale of real property, the conservator can hire a real estate agent to list, market and sell the property.
The sale of the real property must be confirmed by the probate court. As you might imagine it will certainly take time to complete the process.
Perhaps it goes without saying, yet I am saying it anyway. If you are a conservator and need to sell real property owned by the conservatee, you are well advised to hire a real estate agent that knows and understands the probate process.
We specialize in selling homes in probate, conservatorship and in trust. We have helped many executors and successor trustees over the years sell homes. We understand the challenges people face. Experience does make a difference. We believe a higher level of service is needed when representing an estate. We are about high tough versus high volume of sales. We know that we cannot provide the highest level of service we provide to our clients and also do a high volume of sales.
Many investors seek opportunities in probate real estate. While probate homes may offer good investment opportunities they may not meet an expectation of finding a deal of the century. This is especially true in Santa Clara County.
We track probate home sales in Santa Clara County every month. There are many investors and non-investors competing for the “hot” properties.
When you need help, call Kathleen Daniels at 408-972-1822 or contact us and request a consultation.