value of the dollar or purchasing power is decreasing over time
Have you seen a decline or increase in the number of Foreign purchasers or investors in the last 6 months?
Foreign & Investor buyer's hedge against future inflation and low returns on alternative investments.
Zillow - How are their "report market values" changing how potential buyer's/seller view the market?
My head is spinning around, just thinking about everything we as Real Estate Professionals, must pay attention to.
Market changes do not always change as quickly as the Sept 2007 period.
Have potential buyer's attitude changed from the 2002-2007 season?
Are potential buyers not as quick to purchase, more educated about purchasing and financing,
Are they willing to take their timelooking for the "perfect" home, price, location, interest rate ?
On to happier thoughts Halloween, my favorite time of the year!
Have a Safe October.
September 27, 2018
Video Link: Passive House "Ice Box" Challenge
Happy End of July
Hope everyone is having a Great Summer!
I want to share my Notes from the June 18th Probate Workshop sponsored
by the Fountain Valley, Ca MLS – presented by: Paul Horn, Probate Attorney & CPA.
California Probate is a legal proceeding required to settle a deceased person’s estate, paying all debts of the decedent, and distributing the property to the heirs
Probate is the orderly method of distributing the assets of a deceased person following someone’s death. An estate maybe
testate (died with a Will) or
intestate (died without a Will).
Probate is the court-supervised process for identifying and gathering the decedent's assets; paying taxes, debts, and expenses; and distributing the balance to beneficiaries.
Probate deals with transferring the property of someone who has died (decedent) to the heirs or beneficiaries, deciding if a Will/Codicil is valid, and taking care of the financial responsibilities of the person who has died.
Intestate Estates (no Will) require Probate for the appointment of an Administrator and to determine how the Administrator shall be allowed to
act under that appointment.
Testate Estate (with Will/Trust) generally has a person or persons suggested to be
Per Mr. Horn – if the decedent passed away with or without a Will….. There may be complications which may need special knowledge or handling by an attorney.
Without a Will the process can take 12+ months.
With a Will and
Trust ~0-3+ months.
Basic Probate Time Line:
Petition & Notice Hearings
(2-3 months) – File Petition for Probate & Hearing Date
Creditiors & Claims (3-6 months) – Gather Assets, File Inventory, Notice to Creditiors, Allowance/Rejection of Creditors Claim.
Letters (who is Authorized as the Administrator Personal Representative (the person that can sign
the listing agents contract).
Letters DE-150 & DE-140 will name this person and the Authority: Full or
LIMITED AUTHORITY ( with Court Supervision: sell or exchange real property or grant an option to
purchase real property, or borrow money with the loan secured by an encumbrance upon real property.
Inventory & Probate Appraisal (3+ months) Taxes, Prop: 58 & 193, Capital Gains, Estate Taxes.
The court will assign a Probate Appraiser (drive by/exterior only appraisal). Real Estate Transaction: Selling price must be within 90% of Probate Referee’s appraised value.
10% Customary Court Deposit. Accept offer. Report sale & Petition for order confirming sale.
Notice to Buyer, Beneficiaries, interested parties. Court Hearing to confirm sale & over bidding process, Court Order.
Petition to Distribute and Receipts (2-3 months)
My take away:
I would suggest if the property is mostly original or a fixer or highly upgraded, superior amenity or features, that you hire an independent, unbiased appraiser,
so that you can submit this appraisal to the court when filing the Petition, in Probate Court.
The estate will need an appraisal if there was a Will/Trust for tax purposes, as of the date of passing.
Hopefully the “Estate” has hired an Attorney that specializes in Probate & Trusts,
to guide everyone through this process.
Data: from Paul Horn Law Group, PC, Probate, Trust Estate Planning
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