This is our March 2021 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 January. 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 March 1, 2021, through March 31, 2021, extracted from MLS Listings “MLS” as of April 1, 2021.
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.
Probate Real Estate Sales Activity | March 2021
- There were 4 homes listed as Active
- 2 single family homes
- 2 condominiums
- 4 probate properties
- There were 8 pending sales (under contract)
- 6 single family homes
- 2 condominiums
- 7 probate homes
- 1 trust property
- There were 7 sold homes
- 4 single family homes
- 1 condominium
- 2 townhouse
- 6 probate homes
- 1 trust property
One of the sold homes is listed by Certified Probate Real Estate Specialist, Kathleen Daniels.
It is a beautiful one-bedroom end unit condo located on the top (4th floor) in the Villa Fonatanas Community in San Jose located at 1445 Fruitdale Ave Unit 429 San Jose CA 95128.
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 accuracy of the MLS data is only as good as the person who enters the data. Note there is no legal definition of “townhouse”. A townhouse is an architectural style that can apply to a condo and a Planned Unit Development (“PUD”).
COVID -19 AND PROBATE REAL ESATE
The Impact of COVID-19 on probate real estate continues. 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 estate representative (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.
We are waiting to receive Letters of Administration so we can list two probate homes for sale. The court hearings were in late February. Early April is when the Order for Probate and Letters was issued by the court. More than eight weeks after the hearing we are still waiting for the attorney to receive the Letters from the court.
The lowest-priced probate home sold was a condo in the City of San Jose, 91208. It is a 1 bedroom, 1 bathroom, 767 square feet, and is 11 years old.
The condo was listed in October 2020. The list price is $569,000. On March 9, 2021, it was reported sold. The final sales price reported was $545,000. The buyer had conventional financing.
Probate Real Estate Sales | Highest Priced Home Sold
The highest-priced home sold was a single-family probate home located in Los Altos, 94024. It has 4 bedrooms, 3.5 bathrooms, 2,052 square feet of living space on a 10,160 square-foot lot. It was listed for sale on December 2, 2020. The list price was $2,495,000. The sale was reported pending on January 6, 2021. Escrow closed on March 11, 2021. The final sales price reported was $2,862,000. The MLS reports it was a cash sale.
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.
What Happens When the Grantor of a Trust Dies?
We must complete our estate planning documents before we die in order to avoid probate. Many people believe if they have a Will that is all that is needed. If we have a Last Will and Testament or no Will at all, probate is still necessary. The exception to that might be if the value of the estate is under the small estate threshold.
In a short video Scott N. Carter, probate and trust attorney discusses how irrevocable trusts get set up to protect a deceased person’s estate; why trusts cannot be changed by a surviving spouse; and explains the duties of a trustee.
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 property sales in Santa Clara County probate court because it is important that we keep current by keeping our fingers on the pulse of the market.
When you need help, call Certified Probate Real Estate Agent, Kathleen Daniels at 408-972-1822, or contact us and request a consultation.