Do You Have Right To Sell That Half Moon Bay Probate Home Part 3

As a realtor who specializes in Probate sales I have recently been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales. To see First Example click here

3rd Example:

Mom and Daughter 1 own a home together. Both are on title as Joint Tenants and own it equally. They need cash so Daughter 1 gives her share to Mom and Mom gets reverse morgage.

Mom does not make a will leaving 1/2 the house to Daughter 1 and 1/2 the house to each of the 4 daughters including daughter 1. She plans on doing it, but never gets around to it.

Mom dies unexpectantly, with no will, no trust, and only a verbal agreeement with Daughter 1.

Reverse mortgage company tells Daughter 1 she needs to sell the house or pay back the reverse mortgage. Daughter 1 can not sell the house or do anything without Probate Court permission because she does not own the house any more and there is no will or trust.

Daughter  1 calls me and give her a referral to a Probate lawyer who will get paid through the sale of the house since there is no cash in the estate.

Daughter one will ask the court to appoint her Admistrator of the estate then ask the other 3 sisters to give up the half of the equity that was supposed to go to Daughter 1.

Hopefully the Probate Court will agree to all of this. It is not guarenteed.

As you can see, these are complicated issue, made more complicated by actions taken by owners and family members before the owners died. 

The moral, just because you think you have the right to sell a house in probate, that does not mean you do. Be sure and consult a Probate Attorney and a Realtor who understand Probate Sales before you proceed.

If you have any questions about selling a home in Probate or need a Probate Realtor in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

San Mateo County Probate Sale

If you are a Personal Representative for a San Mateo County Probate sale which do you think is riskier for you, not the buyer, taking an offer with a loan contingency, or taking an offer for your San Mateo County Probate sale with an inspection contingency?

This question pre supposed several givens:

1. You have multiple offers from which to choose
2. The buyer has been fully pre-approved by a direct lender, is from this country or has the legal status necessary to obtain a loan.
3. You have done all of the inspections on your San Mateo County Probate home before the sale including property, termite, roof, chimney, and foundation if appropriate.


So assuming all of the above conditions have been met, and you have several offers which are around the same price, which would you prefer?

As a San Mateo County Probate Estate Agent my choice is different than what you may think.
I think it is riskier for a seller to take an offer for the home being sold in San Mateo County from a buyer with no loan contingency, but a property/disclosure contingency.

Here is my thinking/experience:
1. Most buyers in this market have ample income and assets to get a loan. As long as there is a strong pre-approval letter a loan contingency should not be a problem. If you have a strong buyer and one bank has a problem with the loan, there is most likely another bank who will do it. With a loan contingency there is only one reason to get out of the contract, and that is the buyer just can not get a loan.
2. A property/disclosure contingency is open ended. The buyer can use any excuse about the property, neighborhood, schools, city government, they want if they want to get out of the contract to buy a San Mateo County Probate home for sale. Also, things can come up on the buyer's inspections that could ultimately cost money if they say they will not buy the house if you don't fix, replace, or do something expensive to the San Mateo county Probate home for sale. Additionally since disclosures are limited in a probate sale in order for the buyer to make a non contingent offer they must do all their investigation up front. If it is done after the offer is made you could run into trouble.

I believe if you have to choose between an offer for the San Mateo County Probate home you are selling with a loan contingnecy, and one with a property contingency, the loan contingency is generally the less risky of the two contingencies.

If you have any questions about selling a Probate home in San Mateo County please feel free to contact me.

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

Do You Care About Your Children?

I am not a lawyer or an accountant so please do not construe this as legal or tax advice. However, friends do not let friends leave their estates to probates, so let’s just say I am your friend.

Trust Sale in Palo Alto

As a realtor who specializes in Probate and Trust sales, it does not matter to me whether the estate is being probated, or passed down through a trust.  But it does matter to the heirs, especially now that the estate tax will kick in after a million dollars starting in January, unless Congress  and the administration change it. How likely is that?  They can not even agree to have dinner together so changing the estate tax exemption any time soon is unlikely.

So as of Jan. 1, 2011 when you die your heirs can get the first one million dollars of your estate tax free, but anything above that will be taxed at 55%.  So let’s say you have a home that is worth 1.2 million and a mortgage of $700,000. The estate will be valued at 1.2 million not $500,000 which is the equity. If you have your estate in trust you can set things up to help reduce the taxes owed. Even if you do not have a mortgage on your home, if you have a home in Palo Alto you are very likely to have an estate worth over a million dollars because of the value of your home.  You will probably benefit by talking to an estate lawyer to help structure things to get the most tax free money for your heirs.  I can give you names of some excellent estate attorneys if you need a referral.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194