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Specialize as an Agent Selling Probate Real Estate
How did I start to specialize as an agent selling probate real estate? An agent in my previous office was a probate process expert. She was closing about 20+ cases a year. When she tried to sell her business, she lost a large client, a professional fiduciary. The Realtor was fired by her fiduciary. I then bought this Realtor’s book of business and inherited two busy professional fiduciaries who worked with two very busy probate attorneys.
What prepared me for the visual physical part of probate sales? My previous career was as a Deputy Sheriff-Coroner. In this role, I assisted the Yolo County Coroner’s department with body removals. I gave face-to-face death notices to next of kin. In this job, I performed homicide and suicide investigations, as well as natural death reports, routinely. I collected and preserved the evidence. Having extensive courtroom testimony experience and completing police reports has been useful in my probate sales. With my past profession, it was a natural evolution to work in the probate process of real estate sales.
I’ve worked on some very interesting probate cases. I find the work very satisfying. My past professional experience working in and around the death of persons and all that was involved, attracted me to probate work. I especially enjoy the teamwork with the professional fiduciary and working with attorneys on each case.
Much of the time to specialize as an agent selling probate real estate is very interesting. I know I am helping the heirs by liquidating the real property assets. The cases are scientific to me in nature. I have had to prepare homes for sale that have been previous crime scenes. These types of listings require me to have the property cleaned up and ready to show. It is always fascinating work. No matter what has happened, the real estate must be sold.
If you have a real estate transaction that needs probate expertise, there is nothing too much for us. Call Weintraub & Wallace Realtors, with RE/MAX Gold. We can be reached at 916-233-6759.
–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
5 Star Realtor Team Review Sacramento Probate Sale
Attached is a 5-star Realtor team review for a Sacramento probate sale in the Boulevard Park area of Sacramento. This recent review was posted online from a very happy client. Reviews are so important and the highest compliment a client can provide.
Highly likely to recommend *****
09/13/2019 – Carson Zabel bought a condo home in 2019 in Boulevard Park, Sacramento, CA. Review for member: JaCi Wallace
- Local knowledge: 5 STARS
- Process expertise: 5 STARS
- Responsiveness: 5 STARS
- Negotiation skills: 5 STARS
JaCi & Crew: Thank you so much for everything. We are all so happy with the home and the neighborhood and the price and the painter and the locksmith …
JaCi has A+ tradespeople referrals & set up appointments for us — above and beyond. Lots of smiles and contentment about this whole deal. So glad that not only this home fell into our laps, but that JaCi did as an agent. JaCi isn’t just JaCi solo agent, she has a great Realtor team that supports her and supports you as the buyer throughout the transaction and beyond it.
I’m so impressed with how well JaCi handled the deal and how easy she and her team made everything associated with it, promptly providing information and guiding us as we needed it, making us feel comfortable and assured. JaCi & Crew are professional, sensible and understanding. A+ agent, A+ office, A+ service. Great communicators. Excellent real estate and local knowledge. Thanks again!
If you would like to buy or sell a property, call Weintraub & Wallace Realtors with RE/MAX Gold for 5-star Realtor team premium service.
Weintraub & Wallace
10 Days to Close Escrow on Wilhaggin Fixer House in Sacramento
10 days to close escrow on this fixer home in Wilhaggin.
When I walked through the Wilhaggin fixer house with the sellers, I saw 10 days to close escrow and the sellers saw a house that nobody would want to buy because of its condition. This home had been an eyesore in the Wilhaggin neighborhood for years. All the neighbors had their eyes on this house, hoping that someday it would be available for sale. Some had even approached the sellers with a wink-wink, nudge-nudge, offering to “help” buy.
To the sellers, this was once a home to a close family relative. They didn’t fall off any turnip truck lately and saw through the attempts to “help.” For various reasons, it had not been occupied in so long that carpet beetles had moved in, and now a bunch of them were hanging from the ceilings. When I first spied the beetles, I thought they were nails coming through the ceiling, hundreds of nails. But that would mean construction in the attic, which didn’t make any sense. The beetles were all dead, of course.
After we went on the market, the sellers called and asked if they should go over to vacuum up the carpet beetles, but the beetles were such a lively selling point, I didn’t see any reason to do it. The home would be sold AS IS. I have enough experience over the past 40 years selling homes in this type of condition, and cosmetics is the last thing anybody needs to do. I knew buyers would fight over it. They would want to close fast, probably like I anticipated, 10 days to close escrow.
Some buyers, I expected, would lowball. I don’t know why those buyers think that just because a home needs work, they don’t have to pay market value. It is my job to get the seller top dollar. We shot professional photos, although the carpet beetles didn’t show up in the photos, I made sure to include those creepy things in my description. This stirred up a huge buying frenzy, and eager buyers overloaded our Sunday open house. People just kept elbowing each other out of the way to get in.
We received 8 offers. Only one was a lowball, and that was some yo-yo trying to wholesale, which is a waste of time. Waste of his agent’s time, too. The extraordinary thing is the sellers had hoped the home was worth $200,000. They had paid for an appraisal that estimated value at $200K, which I can’t explain why or how that value happened except everybody has an opinion. Some opinions aren’t worth much.
I studied the neighborhood comps and estimated $425,000. That’s too high, the sellers thought. We compromised and listed the home at $399,000. Since the sellers were a little uneasy with an aggressive approach, listing under the $400K price-point meant we would attract many offers, so it was a good strategy to price at $399K. Well, we surpassed even my projection, and it sold at $435,000.
10 days to close escrow, all cash.
In fact, I had suggested we consider multiple counter offers, which would probably have pushed the price a little bit higher, but it was the seller’s choice to take the offer they liked the best. Not rock the boat, they said. It’s always the seller’s decision. We closed escrow yesterday. The good news is the sellers are so ecstatic with my performance, they have another listing for me!
