This is our May 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 May.
There is a legal process an executor and administrator must follow to administer an estate. The process includes, among many other things, how to sell a probate property.
This report is comprised of statistical data from May 1, 2020, through May 31, 2020, extracted from MLS Listings “MLS” as of June 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 in May 2020
The breakdown of the market activity is as follows:
- There were 5 homes listed as Active
- 5 single-family homes – one requiring court confirmation and subject to overbid
- 5 probate properties
- There were 8 pending sales (under contract)
- 7 single family homes
- 1 townhouse
- 7 probate properties
- 1 trust property
- There were 7 homes sold
- 6 single family homes
- 1 condo
- 6 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 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 Court has been closed for several months due to COVID-19. Administration of Estates hearings that were on the court calendar got continued. Although new petitions are getting E-filed, hearing dates are not being set until the court opens or cases are heard remotely via Court Call.
Letters must be issued before an executor or administrator can hire a probate agent to sell a home. We expect over the next couple of months the number of sales will continue to decline until the court can move the cases through the system.
Read more about Covid-19 Impact on Probate Real Estate.
Probate Real Estate Sales | Lowest Priced Home Sold
The lowest-priced property sold was a condominium located in Los Gatos in the 95032 zip code. It has 2 bedrooms, 2 bathrooms, and 888 square feet of living space. It was listed for sale on March 25, 2020. The list price was $595,000. The sale was reported pending on May 8, 2020. Escrow closed on May 22, 2020. The final sales price reported was $565,000, $30,000 below the list price.
Probate Real Estate Sales | Highest Priced Home Sold
The highest-priced property sold was a single-family home located in the Blossom Valley area of San Jose in the 95123 zip code. The home has 3 bedrooms, 2.5 bathrooms, approximately 2,709 square feet of living space on a 6,000 square-foot lot. The home is 45 years old.
The home was listed as a “fixer-upper” on April 16, 2020. The list price is $1,099,000. The MLS reported pending status on April 24, 2020. On May 21, 2020, it was reported sold. The final sales price reported was $1,251,000, $152,000 above the list price. The buyer had conventional financing.
Probate 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 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.