Selling An East Palo Alto Probate Sale Off Market Is Not The Best Way

A few months ago I was contacted by an administer of a probate estate in East Palo Alto. He wanted to sell his mother's home but was in a quandary. His mother had died last year and all her belongings were in the house. His sister was still living in the East Palo Alto probate home and she was a hoarder. The home was a mess and his ill sister did not want to move out until the house was sold.  Since all the heirs have to agree to the sale, and his sister was hard to convince to co -operate, he did not know how to get the house sold so they could close this East Palo Alto probate.

I explained they could do an off market sale where the house would not be exposed to the public and there would be very little disturbance to his sister.  I also explained he would get less than he would on the open market. My client thought if he could get around $390,000 he would be satisfied. I called an investor I knew who flips homes and he immediately offered $385,00 for the home. However after further investigation he dropped his price to $360,000 which my client did not want to take. It is so common for investors to offer you a price you will take to tie the house up, and then lower it after you are in escrow, with the hopes you will agree.

In this case my client did not agree and canceled the sale. He managed to convince his sister to leave the house so we could sell it. After a little de cluttering, but not that much, I put the home on MLS, did pre sale inspections, and held one open house. My East Palo Alto probate sale received 6 offers and sold for $422,000.

The East Palo Alto estate receive $62,000 more by going on the open market, 17% more than the investor was willing to pay. I hear this story over and over again. Many investors will try to convince an Administrator of an Estate to sell the home off market because it is a mess, or needs repair, or just ugly.  If the Administrator is not familiar with the market or just overwhelmed it may seem like a good idea. It is not. 

If you hire a real estate who is familiar with East Palo Alto probate sales and knows how to properly prepare a home to bring out its best attributes, then selling off market will be a financial loss. Let the East Palo Alto real estate agent do the work and you can collect the money.

If you have any questions about selling an East Palo Alto probate home please feel free to contact me. I have a proven system to prepare and sell probate homes to get you the best price and terms.

Marcy Moyer

Keller Williams Realty Palo Alto

www.marcymoyer.com

marcy@marcymoyer.com

Cal BRE 01191194

650-619-9285

East Palo Alto Probate Sale - Open Saturday & Sunday 1:30-4:30pm

Marcy Moyer | Keller Williams Realty | (650) 619-9285 1108 Newbridge St, East Palo Alto, CA Great Probate Sale In East Palo Alto Court Confirmation Not Required. Great for First Time Homeowner or as Rental 3BR/1+1BA Single Family House offered at $260,000 Year Built 1954 Sq Footage 1,020 Bedrooms 3 Bathrooms 1 full, 1 partial Floors 1 Parking 1 Covered spaces Lot Size 5,980 sqft HOA/Maint $0 per month DESCRIPTION Great opportunity in East Palo Alto. Home has new carpets and new exterior paint. Home is fully fenced with front wrought iron gate. Gas kitchen. Good sized yard, nice wide street. Could use updating but is in livable condition. Bonus room with half bath in back of house. Permits unknown. Hardwood floors under carpet, condition unknown. see additional photos below PROPERTY FEATURES - Bonus/Rec room - Dining room - Family room - Master bath - Storage space - Stove/Oven - Fenced yard - Lawn - Yard - Controlled access - Gated property - Security system - Covered parking - Off-street parking - On-street parking - Hardwood floor OTHER SPECIAL FEATURES - Great Opportunity For a Non Distressed Property in East Palo Alto ADDITIONAL PHOTOS Front Living Room Family Room Dining Room Kitchen Master Bedroom Master Half Bath Bedroom 2 Bedroom 3 Hall Bath Bonus Room Front Gate Yard Contact info: Marcy Moyer Keller Williams Realty (650) 619-9285 For sale by agent/broker Posted: Sep 17, 2012, 4:17pm PDT

East Palo Alto Probate: Court Confirmation May Not Be Needed: Meaning?

When a home is sold through the probate system sometimes court confirmation is required, and sometimes it may not be required. The operative word here is MAY. What this means is that under the Independent Administration of Estates Act, the person in charge of settling the deceased's estate, the Personal Representative, can ask the court if he/she can have the authority to sell a property without court confirmation. Court confirmation happens when an offer is accepted by the Personal Representative and then has to go to the probate court to be approved. At that time there is an overbid process and someone else can come in and offer more money for the house.


When a probate listing says court confirmation not required or MAY not be required, what it means is that the Personal Representative was given the authority to sell the home without court confirmation and the overbid process, but it is not a done deal. If one of the heirs has an objection to the price or terms of the sale, he/she can petition the court for an overbid process. This is not common unless the Probate Referee, who is the person who estimated the value of the home, says the home is worth more than the offer for the home. So for example if a home was estimated to be worth $500,000 and the accepted offer was $400,000 and the Personal Representative can not show good reason for the 20% difference, the other heirs may want to go to court and object.

So if you are a Personal Representative on an East Palo Alto or other San Mateo County Probate home make sure the agent you chose to sell the home gives you a rock solid market analysis. If the price suggested to list is more than 10% less than the Probate Referee's opinion of value work out the discrepancies ahead of time. It will save countless hours of headaches, and lots of money by not having to go to court.

If you have any questions about selling real estate in probate in San Mateo or Santa Clara County please feel free to contact me.

Marcy Moyer
Keller Williams Realty
www.marcymoyer.com
marcy@marcymoyer.com
650-619-9285
D.R.E. 01191194