This is our September 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 September. 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 September 1, 2020, through September 30, 2020, extracted from MLS Listings “MLS” as of October 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 | September 2020
The breakdown of the market sales activity as of September 1, 2020, is as follows:
- There were 8 homes listed Active
- 7 single-family homes
- 1 townhome
- 8 probate properties
One of the active listings is being sold by the Santa Clara County Public Guardians Office and is subject to overbid.
- There were 11 pending sales (under contract)
- 9 single-family homes
- 2 condominiums
- 10 probate properties
- 1 trust property
- There were 6 homes sold
- 6 single-family homes
- 5 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 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.
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 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.
Lowest Priced Home Sold
The lowest-priced home sold was a single-family home located in the Santa Teresa area of San Jose in the 95139 zip code. The home has 4 bedrooms, 2 bathrooms, approximately 1,457 square feet of living space on a nearly 6,500 square-foot lot. The home is 48 years old.
The home listed on August 12, 2020. List price $799,000. The MLS reported the sale under contract on August 20, 2020. On September 25, 2020, it was reported sold. The final sales price reported was $871,500 representing, $72,500 more than the list price. The buyer had conventional financing.
Highest Priced Home Sold
The highest-priced home sold was a single-family home located in Cupertino 95014. It has 3 bedrooms, 2 bathrooms, 1,513 square feet of living space on a 6,358 square-foot lot. It listed for sale on February 25, 2020. The list price was $1,650,000. The sale was reported pending on July 21, 2020. Escrow closed on September 28, 2020. The final sales price reported was $1,752,000, $102,000 above the list price. The sale was subject to court confirmation and overbid. Eleven offers were received. It was a cash sale.
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. Compensation may be subject to court 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. 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.
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.
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 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 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.