Can I Choose ANY Listing Price When Selling a Home in Probate – Rocklin CA

Can I Choose ANY Listing Price When Selling a Home in Probate – Rocklin CA

The short answer is YES. If you are an executor of an estate in California, you CAN list a home for sale at any price of your choosing. 

Here’s the long answer:

As an executor, you may be responsible for selling real estate and dividing the proceeds between all beneficiaries.  In a probate sales, appraisals must be done prior to listing a home for sale.  The appraised value is then approved by the Probate Court.  Once a fair appraisal value has been approved, executors can work with their real estate agent to decide on a listing price.  An offer may be accepted without Probate Court approval, so long as it’s within 90% of the appraised value.

Here’s an example:

A home in Rocklin, CA is appraised at $500,000 and that value is approved in Probate Court.  The executor of the estate looks over comparable properties with her real estate agent and determines that in the home’s current condition, it should be listed at $479,000.  Three weeks after listing, an offer comes in at $455,000.  The executor may accept this offer because it is within 90% of the appraised value without Probate Court approval.

What happens if a home isn’t selling?  This can sometimes happen in a soft or declining real estate market.  An executor may entertain lower offers but can’t accept an offer without Probate Court approval.  Approval is usually granted as long as no beneficiaries object.  If there are disagreements between beneficiaries,  the Probate Court judge will consider a number of factors.  The executor may also choose to contest the appraised value in Probate Court and obtain a new appraised value.  

Selling a home in probate is more complicated than a typical real estate sale.  Consider partnering with an experienced real estate agent that is both familiar with the neighborhood AND the probate process.  I’m Allan Sanchez, a Rocklin area Real Estate Agent and Broker since 1998.  I’ve assisted many executors during probate, assisting in making the process as easy and stress-free as possible.  I’d be happy to discuss any of your real estate/probate questions: 916-205-2265 or allanshomes@gmail.com.

Can I Choose ANY Listing Price When Selling a Home in Probate – Rocklin CA