The Probate Process



Table of Contents

Overview

The Professional Difference

The Process

Probate and Trust Marketing

Instructions for Court Transactions

Initial Probate Offer Checklist

Instructions for Overbidding in Court

Your Property Preservation Partner

 

SECTION ONE:  OVERVIEW

Fiduciaries and attorneys rely on The Professionals Connection Team to evaluate the marketability and estimated sales price of a property because of our familiarity with probate, trust and conservatorship sales and our resources and contacts in the locality of the property.

The Professionals Connection Team evaluates whether Dilbeck’s presence in the locality justifies working through a local Dilbeck agent or if it is in the best interest of the estate that we locate a different broker in the immediate area where the property is located and arrange for the co-listing of the property between the two brokers.

Agents vetted out for expertise in court related transactions

Comprehensive reporting

Quick turnaround of assignment

Standardized procedures

Selection of qualified agent may be chosen by the fiduciary, attorney or by The Professionals Connection Team.

THE PROFESSIONAL DIFFERENCE:

One Stop Source

Financial savings to the estate

Time saver for the fiduciary orattorney

Reliability of service

Volume cost savings with escrow/title services

The Professional Connections Team

works for you ….

Single level of service and

performance anywhere in

California.

THE PROCESS

1. Numerous agents are interviewed and co-listing agent selection recommendations are submitted to the fiduciary. The agents must be top producers, familiar with the area and fluent in Court related sales.

2. The listing agreement is prepared. It is marketed in all appropriate multiple listing services,

local newspapers and throughout the Internet and any other method deemed appropriate.

3. Confer with the fiduciary to follow up on potential buyers that may have contacted their offices directly.

4. We interface with the buyer’s real estate broker and make sure they have full understanding of the probate process, including the overbid process.

5. Written offers are forwarded by the buyer’s agent to Anngel and we forward these offers to the fiduciary with our recommendations on how to respond.

6. We interface with the fiduciary and prepare detailed counter offers that are specifically customized to protect the estate.

7. Answers numerous questions by prospective buyers and over bidders regarding the probate process, including issues with respect to the overbid process and contingency removals.

8. We interface with the escrow officers, title officers and any other parties involved in the transaction.

9. The co-listing agent is advised on the procedures for advertising the properties once an offer is accepted pending the approval of the sale subject to overbid and the appropriate notations in the multiple listing service.

10. Once the sale is approved by the Probate Court, we follow up with the escrow company and handle all non-legal issues to ensure that the sale closes as quickly and as smoothly as possible.

 

PROBATE/TRUST MARKETING:

Marketing Budget 20% of Listing Commission (Christie’s marketing for $1Million+ Estates)

Multiple Listing Service

Dilbeck Estates/Christie’s Great Estates Signage

Catered Broker Open House

Weekly Public Open Houses

www.Realtor.com Showcase Advertising

Christie’s Great Estates Full Page Advertising

Christie’s Great Estate Website

Property Specific Website www.streetaddress.com sign rider.

Wall Street Journal and/or Hollywood Reporter Advertising

Los Angeles Times Advertising

E-Flyer Distribution to Area Brokers

1 or 2-Sided Premium Professionally Photographed Photo Brochure

Virtual Tour

 

Instructions for All Court Related Transactions:

1) All listings must be taken on the Probate listing form.

2) Deposit must be 10%

3) MLS verbiage at time of listing must include

a. Probate (or Conservatorship). Court confirmation required.

b. All offers to be submitted on Probate Deposit Receipt

c. Commission paid to successful selling agent only

d. Property sold as-is. Buyer responsible for termite report/completion and all retrofit

e. Co-listed with Dilbeck Realtors

4) MLS verbiage at time of accepted offer must include

a. Accepted offer is $____________. Minimum overbid is $_________. Court date and time to

be published once known.

5) Once the court information is known add the following

a. Date/time/location

b. Cashiers checks in the amount of 10% made payable to the estate of _________________

c. Overbidders waive all conditions and contingencies.

6) Property is to be advertised from time of listing until court confirmation of sale.

Weekly progress reports to be submitted via e-mail.

Social Media – Facebook, Twitter, YouTube, Zillow, Trulia, realestate.com, Redfin, and other major sites

 

Initial Probate Offer Checklist:

1. Prepare your buyer’s offer ONLY on the CAR Probate Purchase Agreement and Escrow Instructions along with the Probate Advisory. The acceptable terms to the seller are included in the Purchase Agreement in the offer submission package. It is recommended that only the highlighted fields of the contract be filled in by the buyer.

2. Submit a 10% earnest deposit by Cashier’s Check, made payable to Estate of ________. Deposit will be held with Seller outside of Escrow.

3. If a loan is required, submit a lender’s pre-approval letter or, if cash, proof of funds.

4. You must return the inspection indemnity form prior to doing any physical inspections.

5. The Seller will select all services and buyer to pay for Home Protection Policy, if desired.

6. Termite inspection & completion and retrofit compliance is solely the responsibility of the buyer. No wood pest addendum may be included.

7. Vesting information must be specified on Contract. (Item 16)

8. Commission will be payable to successful bidders broker only and split equally with listing agent.

9. Contact Listing Agent for pre-submission package prior to writing.

 

Instructions for Overbidding in Court:

1. Notify the listing agent in advance if your buyer intends to overbid the property in Court and obtain Overbid Disclosure Package from Listing Agent or found in Supplement section of MLS.

The accepted offer is $247,500 .The first overbid amount is 5% plus $500 over the initial accepted offer in the amount of $260,375. Court confirmation hearing/overbidding will be held on _________ at Los Angeles Superior Court at 111 N. Hill St., Dept. 5, Los Angeles, CA 90012. The judge will determine the incremental overbid amounts from that point forward.

2. The buyers are to bring a Cashier’s check for at least 10% of the minimum overbid amount. It is suggested that they write their Cashier’s check for 10% of what they are ultimately willing to pay for the property. This can include multiple checks in different increments. Checks are to be made payable to Estate of ___________ and will be held outside of Escrow.

3. The buyer is purchasing the property AS IS with no conditions or contingencies. All inspections must be completed or waived and loan approval/proof of funds must be brought to Court. Once the judge has awarded the sale, failure to close the transaction will result in the buyer’s loss of their 10% earnest deposit.

4. As an over bidder, no purchase contract is written. If your client’s overbid is the successful bid the court will provide Escrow a court order confirming the sale to close.

5. Commission is payable to the successful bidder’s Broker only and is split equally between listing and selling agents.

6. Escrow shall close within 10 days from Escrow Holder’s or Buyer’s receipt of a copy of the Court Order confirming sale as per Item 1D of the Probate Purchase Agreement.

 

YOUR PROPERTY PRESERVATION PARTNER:

Re-key and place “No Trespassing” sign on property.

Provide interior and exterior photos including personal property to trustee.

Arrange for detrash and cleaning of property if necessary.

Turn utilities on.

Contract for monthly lawn maintenance and pool maintenance.

Submit repair bids if requested.

Arrange for retrofit completion if requested.

Weekly site inspections.

Monthly property management expense accounting.

Provide monthly property condition report.

Eviction services.