Of course, the house has to be sold at current prices so there will be two appraisals, one using comps of five years back and one using current prices.
Probate house is coming on the market in Oakland, CA. The owner died five years ago. I was informed that the house has to first be appraised with values at the time of the owner's death! Really? Yes, that's per probate law.
Of course, the house has to be sold at current prices so there will be two appraisals, one using comps of five years back and one using current prices.
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If a probate sale is listed on the market, always ask the seller if there is an appraisal. If the probate referee has appraised it, then the listing agent knows the price, and he most likely will share the info if asked. Sometimes the listing may state the appraised value. The important thing for a buyer is that the court will accept 90% of the appraisal. Knowing the appraisal value is one way a buyer can save money. Of course, if there are many bidders, then it's highest and best. Checking the probate listings today for the east bay, there were 45 properties for sale. The cheapest at $99,700 was 5406 Elm Lane in Oakley, a single family residence, 2 bed, 1 bath, a fixer on a 22,437 sq. ft. lot. Actually, this sale didn't call for court confirmation. Great. The most expensive, $1,099,000, 730 Walnut Ave. in Walnut Creek, was a another house, 3 bed, 1 bath. Value is in the land, 42,080 sq. ft. Lot can be subdivided. Keep one wall of existing home to remodel and save on costs with the City. Most of the sales were in Oakland with 12 listings. Fifteen were pending.
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AuthorErnest is an experienced agent with Better Homes & Gardens in Oakland CA. This is his specialized website for probates. Archives
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