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JaCi Wallace
Probate Sales with a Court Referee Appraisal
Probate sales with a court referee appraisal are required by the Probate Court to sell within no less than 90% of the value. Referee values are part of the I and A, “Inventory and Appraisal” completed by the referee. A referee is a court appraiser who establishes the values of estate property. These values are then made part of the document for the Probate Court called an “I and A.” The referee generally completes a drive-by exterior appraisal on vacant property. They are not always completely accurate.
I work with a few attorneys who rarely have a referee evaluation on the real property as the listing is often very close to the date of death. I recommend using an experienced independent licensed appraiser to evaluate value all probate and trust sales. This gives us a documentable detailed value analysis. On trust sales with heirs or court-mandated sales, we order an appraisal. Generally, I and A are not ordered on a trust sale.
As Realtors, we give estimates of value, they are not appraisals as we are not licensed to appraise. Appraisals are not always the gospel either. I’ve had bank appraisers come in as much as $150,000 low. We still do our estimates of value, a Comparative Market Analysis (CMA). Realtors can come very close in value. If a case goes to court for any reason, the appraisal gives the independent 3rd party price evaluation documentation.
If you have an I and A, an independent appraisal and a CMA this gives you three sources to support value. The courts never care if property sells overvalue. When a property is sold for less than an I and A, you better have documentable proof of all sale efforts made. Always maintain very detailed records in case there are ever any questions for the probate referee.
Probate sales with a court referee appraisal can be challenging. I will write another blog about referees using case studies. Of course, the names will be changed and the locations to keep anonymity.
Guidelines for probate and trust real estate expert:
- A Superior Court Judge in the Probate Court reviews resume and experience with probate and trust sales
- A Probate Judge first declares a Realtor a probate expert to provide testimony to the court on probate real estate matters.
- Routinely handle probate sales for Professional Fiduciaries and administrators.
- Listed and sold probate and trust sales for over a decade.
- Testified in Probate cases before the court
- Attend overbid hearings in court for properties
- Familiar with the probate process, documents and timelines
If you have a probate real property or a trust sale that you need to liquidate, call Weintraub & Wallace Realtors, with RE/MAX Gold. We can be reached at 916-233-6759.
–JaCi Wallace
Happy Thanksgiving 2019 and Happy Black Friday
Happy Thanksgiving 2019 and looking forward to a super shopping day on Black Friday. It has been a very busy morning. We have multiple offers on one property. Counter offers are in motion back and forth. Working on a request for repair on another property. Real Estate is alive and well this Thanksgiving. I have a request from an agent to show one of our listings today. As they have a small baby an early AM showing might not work. I have however forwarded the message request. Buyers out shopping for a home on Thanksgiving are certainly serious buyers.
We wish you the happiest of holidays. So much to be thankful for this year. We hope you do not eat too much turkey and pumpkin pie. Oh, why not? Then, after you are relaxing and ready for sleep, don’t forget to set your alarms tonight for zero dark thirty Black Friday. There are so many sales to take advantage of. If you can’t get out to the stores in person, there are plenty of cyber sales online.
Happy Thanksgiving 2019 is turning out fabulous so far. I’m making a homemade scratch birthday cake for my son, JT. My sis is cooking the bird and my other sis is making sweet mashed potato pie with walnuts and brown sugar crust. Lucky that we have two ovens as both are getting a workout today. A lot of food and fun in the works. We hope your homes are full of holiday food shared with family and friends.
The memories of past Thanksgivings are also thought of today and loved ones remembered who have passed on. Our family always takes a moment to remember the people who live on in our hearts. Counting our many blessings today.
We are grateful to all of you for helping our business to be so successful and making us a part of your life. Happiest of holidays to each of you from Weintraub & Wallace Realtors with RE/MAX Gold. We can be reached at 916-233-6759.
Elizabeth, JaCi, Josh and Barbara, we all send warm wishes from our homes to yours.
Sacramento Buyer’s Agents Send Clients To Open Houses Unaccompanied
When Sacramento buyer’s agents send clients to open houses unaccompanied and they later write an offer, it still stuns me. If clients do not need their agent’s guidance, do they really need their agent? Open houses are heavily visited by buyers without their agent. This happens as regular as clockwork. It is no longer an exception but now more of a rule that agents send their buyers to open houses.
There are of course some agents who actually show up to our open houses with clients. We understand that an agent may be holding an open house and can’t make it to an open house at the same time a client wants to see it. Of course, they could plan to see it after their open house or send another associate to attend with them. At the very least they can go back with the clients a second time to see the property and then write an offer.
We ask unaccompanied buyers at open houses if they are working with an agent. They often reply, yes, we have an agent. Our next question, is your agent meeting you to show this home? A list of excuses is generally blurted out by the buyer as to why the agent isn’t coming. Clearly, they just send clients to open houses. Perhaps the buyers didn’t put much emphasis on the importance of their agent coming with them. — JaCi Wallace
The excerpt below in italics was written by my business partner, Elizabeth Weintraub, seven years ago. It’s titled Sacramento Real Estate Agents: Ramp Up. It is the same core issue today, seven years later. Elizabeth did a great job of conveying how its agents make excuses instead of focusing on solutions to provide top-shelf level service to clients. Enjoy — it is spot on.
Agents complain that they can’t submit offers fast enough so they have to submit without showing. No, they don’t. They just need to get their act together. An agent lamented that he could not show a home yesterday during the time period it was convenient for the tenants to show it. He asked if he could send his buyers over to the home without an agent escort. No, he can’t.
But I heard that some buyers were wandering around the home by themselves. Just because we’re in the middle of a home-buying frenzy in Sacramento does not mean it’s OK to set aside Standards of Practice. If anything, we, as Sacramento real estate agents, need to ramp up our professionalism to ensure quality service to our clients. — Elizabeth Weintraub
If you want to hire a professional buyer’s agent that shows you property, provides insight and expertise, call Weintraub and Wallace Realtors, with RE/MAX Gold. We don’t send clients to open houses and shirk our duties. We can be reached at 916-233-6759.
— JaCi Wallace
When Selling Probate, Real Estate Mama Says: Take Your Coat
When selling probate, real estate mama says: take your coat. I should have listened to her. I was booked yesterday to do a presentation on selling probate real estate in Placer County. When I left Sacramento County, the weather was fine. Upon arrival to the Auburn Holiday Inn, the weather was very chilly and windy.
When the presentation was complete, I had to drive to Colfax to check on a probate listing. We had hired a new vendor to steam clean the interior and wanted to check the quality of the work. Sometimes, when senior people live in a home for many years, they are not really able to take care of things. These type of properties can be shocking for buyers to see as they are often beyond a typical fixer upper. Our usual clean-up crew went to Colfax to bid the job two weeks ago. They immediately left and refused to do it. This lets your imagination run wild, just envision how bad it looked.
Needless to say, when I pulled into Colfax the snowflakes were gently coming down. It was so cold. All I could think about was when I’m out selling probate real estate, I should have listened to my mama. Her wise advice, suggesting I take a coat, had fallen on deaf ears. I was wearing a white crisp starched shirt with a thin decorative vest. It was freezing cold and the winds had picked up force that about knocked me down.
My mama’s words were certainly coming back to haunt me. I call her “Mamasita.” Actually, it’s my term of endearment for her, as her parents were from Mexico. We should listen to our mothers as they are usually spot on. Mamasita is staying at my house staying over the Thanksgiving holiday. My sister, Cathy, lives right next door so she watches over her when I’m working. Mamasita has severe asthma and an upper respiratory infection so we are keeping a close eye on her.
I’m out running around dressed like it’s spring in winter weather conditions so let’s hope I don’t come down with a bug, too. Yesterday, across the U.S. were horrendous early winter storms. The winds caused heavy damage as well as another fire in northern California and in the Santa Barbara area. The ski slopes in Lake Tahoe were opening yesterday as this storm is bringing a white Thanksgiving to happy skiers and snow boarders. I’m happy to be back home selling Sacramento Real Estate.
When selling Probate Real Estate listen to your mama; when selling Probate Real Estate, call Weintraub & Wallace Realtors, with RE/MAX Gold. We are your probate and trust sales, expert team. We can be reached at 916-233-6759.
— JaCi Wallace
What It’s Like to Be a Sacramento Home Buyer’s Realtor
To be a successful Sacramento home buyer’s Realtor is a very important job. Because many agents sell homes, it does not mean they are excellent at their job. Selling homes takes two agents: a listing agent and a buyer’s agent. Often the stronger agent will get the job done for both sides. How can a seller’s agent help a buyer’s agent? Great question.
As a listing agent, we make sure the time frames and contracts are completed, along with all the disclosures and reports. We can explain in detail how and why we are taking action. We make sure we have a 100% complete file and stellar record of all communications. Even if the buyer’s agent doesn’t know what she or he is doing, we will get the transaction completed, regardless. They can’t miss an important milestone, as we won’t let them.
Another great question along this same theme is a post written by my partner, Elizabeth Weintraub, in September 2012: What it’s like to be a Sacramento home buyer? An excerpt is in italics below.
It’s up to real estate agents to explain to potential home buyers what the market is like in Sacramento. Tell them what they can expect. I tell it to them straight. I figure it’s better that they be prepared than shocked. Don’t need anybody having a heart attack and dropping dead at my feet.
Because, maybe this is NOT the time for them to buy a home. I know I would NOT want to be a home buyer in Sacramento today. That’s the truth. Because there is tremendous competition for the same homes. It’s an extreme seller’s market. Many buyers, little inventory. Many all cash buyers who will outbid an FHA or VA buyer. Multiple offers are normal right now. This is a sizzling hot market! — Elizabeth Weintraub
To be a Sacramento home buyer’s Realtor is a lot more than writing contracts. It is about knowing the inventory and knowing the numbers. If your agent doesn’t know the amount of inventory, the pending sales and days on the market, how can the agent possibly guide you effectively through the process and write successful offers? Our buyer’s agents are seasoned pros and they study the market daily.
I received an offer yesterday and it was 10% low on a property that is priced for a quick sale. No letter of explanation nothing. I asked the agent his strategy about why he wrote such a below-market offer? The answer, oh that’s what the buyers wanted to offer. This means the buyer’s agent didn’t inform the client that the inventory is 35% low compared to last year. The listed properties are selling for 97% of list price throughout Sacramento. Had this agent educated her client they might be looking at acceptance in-lieu-of rejection.
You can count on our team, so call today. We at Weintraub & Wallace Realtors, with RE/MAX Gold, look forward to helping you obtain home-ownership. Call us today at 916-233-6759.
— JaCi Wallace
