In California, there are 2 ways to sell a house in Probate:
- IAEA: This sale would be subject to the laws of the Independent Administration of Estate Act and as such would not require court confirmation nor would it allow for overbids. The advantages of this type of sale is that real estate can be sold quickly and it is sold to the individual who wishes to purchase it. The Lawyer will determine if this is a viable option.
- Court Confirmation Hearing: In this type of sale, the real estate must sell for at least 90% of the appraised value. In addition, the sale is subject to the overbid process. This can be very lucrative, as in today’s real estate environment many sales result in overbids. It should be noted that overbids can be substantial. Again, the Lawyer would determine if this is your best option.
Once the property is sold, the proceeds go into the estate and are distributed when the estate closes.
If a relative or close friend passed away and owned real estate in California, but did not have a Trust (also called a Living Trust), then the property may need to go through Probate. A consultation with one of our Probate Attorneys will help to determine your options. Heirs or beneficiaries can choose to keep the property or sell it.
Legal Action Workshop has had more than 35 years’ experience in Probate and can advise you and finalize your Probate in both Los Angeles, Ventura & Orange Counties. To schedule an appointment for a FREE consultation call us at 1-800-HELP-444 (1-800-435-7444) or visit our website @ www.LegalActionWorkshopLAW.com .