Dawn Reavis is your reliable real estate resource for all of L.A County. Her latest listing, a probate sale, is a charming 3 bedroom ranch home on a lovely tree-lined street in Canoga Park. Dawn describes it as a diamond in the rough on a nice-sized lot that will shine with a little TLC. It is priced to sell at just $390K.
Because probate sales can be more challenging than normal sales, buyers and sellers should strive to choose a realtor who is familiar with the probate process to ensure a smooth transaction.
Courts require that the accepted offer must be at least 90% of the probate referee’s appraised value.
Once the property has been marketed, and an offer has been accepted, a Notice of Proposed Action (NOPA) is mailed to all the heirs to let them know of the sale. If the Administrator has Full Authority, and there are no objections to the sale of the property, the sale may proceed without any court hearing. However, if the Administrator does NOT have Full Authority, OR, if there IS an objection to the NOPA, the sale of the property must be published in a local newspaper, and a “confirmation hearing” must be set with the court.
It’s important to know that all interested buyers can show up to the confirmation hearing and overbid the original accepted offer, which then raises the sale price.
Contact me at DawnReavis@gmail.com if you are interested in buying or selling a home. I look forward to helping you through a smooth transaction.