PROBATE, TRUSTS, ESTATE

Larry & Rita Trocosso
Broker Associate - Realtor

PROBATE

ABOUT US

Real Estate has been their career for over 30 years. They have been successfully involved in many aspects of the real estate industry, with probate being the most satisfying; also being able to be a part of perhaps the final task to get closure from the passing of a loved one or a close friend.

Probate is their main focus. They too have personally experienced the handling of probates, trust and estates due to the loss of loved ones. With their honesty and ethical standards they will always have your best interest in mind. They understand your needs, probate or any other type of residential real estate.

They enjoy becoming participants in what is for most, the most important decision and investment, which is selling and buying a home. They are involved in the process like a trusted partner or a family friend; there to exchange ideas and advise where appropriate.

They have always gone above and beyond the expected and necessary, from their initial contact to the closing of the sale.

Over the years through the efforts to satisfy the client needs, they have received many awards, also achieving top 10% in the nation.

Having experienced professionals on your side can make a big difference.

When you need them, they will be there.

CALIFORNIA PROBATE CODE

For your convenience and a more indepth understanding of the California Probate law, we have installed the link to the state code.

http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=prob&codebody=&hits=20

PROBATE REAL ESTATE PLAN OF ACTION

Our Objective

Obtain a willing and able buyer to purchase the property at the highest possible price, in the shortest amount of time, with the least amount of inconvenience.

Our Marketing Plan

· Property listing is placed on multiple listing services including but not limited to the local MLS. Listings now can be viewed across the nation even around the world. The buyer or seller can also view the listing through websites we subscribe to and provide to the client.

· Buyers can view the features and benefits and multiple photos to help develop an interest.

· The listing is placed on our 3 personal websites for everybody to access and view. Nearly 90% of home buyers today use the internet to get information and or find the property they may be interested in purchasing.

· We still advertise in local and regional printed media on a rotating basis. (2-3% of buyers come from print or magazine).

· Agents still hold occasional open houses for potential buyers but it is not common that a prospective buyer buys that house. (Only 1% of homes are sold by open house).

· Place a key box on the property. In our case we place 2 key boxes on the property one for Realtors to access the property for showings and a combination key box for workers access.

· Yard sign for exposure of the property. Makes property easier to locate and identify.

· Weekly property inspections to insure property is secure and clean. Pick up cards left by agents who showed property.

· Weekly report to you to keep you informed of showing activity, the market and pricing.

· Create a flyer of the property to be placed at the property for buyers and agents so they will remember the features and benefits of the property.

· Communicate with agents who have shown your property for feedback of the buyer’s comments and interest. Point out features buyer may have missed. Suggest they write an offer.

· Assist you in coordinating trash out, cleaning and repairs, if necessary.

· Analyze all offers presented and buyer’s ability to perform. Have buyer prequalified with a lender we trust.

· We appear in court with your attorney on your behalf.

· Keep in constant contact with escrow, lender and all other parties involved to assure everything is in order and is being done in a timely manor.

· Arrange to meet buyer appraiser at property and provide comparable sales information.

· Supply you with referrals for any necessary repairs and coordinate with workmen for access to property.

· Keep you informed of activity and progress of everything going on pertaining to the property.

PROBATE

“Preparing the property for sale”

First an inventory needs to be taken indicating any items of value. All personal property needs to be removed

Make sure you take plenty of pictures.

You may find the need to have an appraisal made for fair market/quick sale value to selected items RE: jewelry, antiques, artwork, cars, RV’s boats etc.

Inspect the property for damage.

Physical damage can be a deterrent to market ability and value. Some specific repairs maybe necessary.

Verify the utilities (electric, water and gas) are on and in a safe condition. All utilities need to be on for any work being done at the property and for buyer inspection.

Check all appliances to assure they are in working order.

Property will need an interior and exterior trash out including garage and storage sheds.

A general cleaning of the interior is needed and the exterior needs to be maintained (some cities and counties will assess fines if the exterior does not meet their minimum standards). Such as lawns, shrubs and trees maintained.

Check property title records for unknown recorded conditions that may affect the sale of the property.

Re-key property and verify property is secure.

We will handle arranging many of the above items on your behalf.

If you are located out of the area this should be of help to you.

PROBATE REAL ESTATE OPTIONS TO CONSIDER

When it comes to real estate in Southern California, there is no real bad time to sell a probate/trust property but there can be better times. Depends on how long you want to wait and how much time and money you want to invest in the property to get it sold.

Real estate fluctuates as the economy increases or decreases. When the market is down it is possible to take years for value of a given property in a given location to return to the higher value. In the meantime time and money needs to be spent to maintain the property and cover the debts of the estate and satisfy the heirs. Listing your property at a higher price can and most times will wind up costing more time and money. What a willing and able buyer is willing to pay is a good thing to remember.

A point that may need consideration in the present down real estate market is many home owners owe more on their property then it is presently worth (called being underwater) it may be necessary to sell as a short sale with the banks cooperation. this is where the lender agrees to take a loss and reduce the existing mortgage to get the property sold.

On the other hand if you want to get it sold as soon as possible but at top dollar then you will very often need to invest in repairs and updating of the property to bring value up.

Another option is to sell as is but with necessary repairs such as health and safety issues, at a lower quick sale price.

If you just don’t want the hassle of any of the above then your probable best choice is to sell as is cash very short selling time and closing period with less money but the burden is off your back.

From our years of experience if there are heirs of the estate they often want their portion of the estate in the shortest amount of time at the highest possible price and for you the personal representative of the estate you want the least amount of inconvenience. This is where you have to answer to the heirs and one of the best ways is to provide documentation for everything you do to prove you have weighed the options.

When it comes to real estate, if you are looking for experienced and seasoned probate professionals who will provide you with the highest possible price, in the shortest amount of time with the least amount of inconvenience, contact us.

Larry and Rita