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How to Simplify the Probate Process When Purchasing a Home
Today I have invited Margo Bergkvist to speak with us today. She is an estate planning attorney for Bergkvist, Bergkvist & Carter LLP, and has almost 30 years of experience in this field. She will be assisting me in answering questions about Probate Court on the buyer's side. The process can be complicated if you are not aware of what you're doing, so Margo will be showing us an easier way to go about Probate.
Once the court has appointed the personal representative, that person either has limited powers or full powers. If they have the full powers, then Probate is like buying property from an individual and the whole process will be simplified.
If a person only has limited powers, then that means once you get a buyer that they have to give you 10% cash down and it must then go into the attorney trust account, and it sits there until the court hearing date to confirm the sale. This process can take up to 5-6 weeks.
Once you get your hearing then people out in the public are able to come and outbid one another. Conceivably, the original buyer could lose the sale, so it's not a fun thing to go through. As our economy has strengthened, it is more common for people to get outbid in this process. In the past few years the original buyers didn't have to worry about being outbid, but now it's happening more often.
So, Probate can be an easy process if you have the full powers, but it can become much more troublesome with someone who does not have those privileges. However, if the home is really the right one for you, it can be worth all of the hassle.
If you have a question about probate when buying or selling, please feel free to contact myself or Margo. She can be reached at (562) 435-1426, or you can email her at Margo@LawBBC.com.
As always, if you're searching for real estate in North Orange County or South LA County, please feel free to contact me. I am always willing to sit down and discuss your needs.
