Real Estate Education Training:
Probate Process Observations
I have been doing Probate Real Estate transactions for three decades and I have learned that it is a "process". I always recommend and appreciate working with an Attorney that specializes in Probate Law. One can "survive" the journey and maybe save a little money by doing it on their own but I would not recommend this route. My blog today is not to debate the best way or most inexpensive way to travel through selling Real Estate without legal counsel. I enjoy sharing my over 30 years of Real Estate sales experience with Probate and other transactions with the belief that maybe I can shine a little light on the path. Those dearly departed loved ones that prepare a Will, Trust or other acceptable documents will likely avoid most of the pit falls.
I have worked with several Probate Attorneys in Los Angeles, Orange, Riverside and San Bernardino Counties towards marketing their Probate Real Estate. There are a few differences that need attention by the Realtor and I advise a quick review at the beginning of each transaction to refresh the memory and prepare for meetings with Attorneys and Personal Representative for the Estate. Most of the information can be found online or in the many Probate books/manuals available in libraries or book stores. These resources are great for reviewing a lot of information about Probates. They also allow one to carry on an intelligent conversation with all the parties. Terminology is very critical!
I want to take this opportunity to share some "common sense" experiences that I gained during my years. I find that most of us learn from doing even if we have read the Probate books. The Personal Representative will receive invaluable guidance from the Attorney about the steps to complete the process. The Attorney will handle the paper work and be there ready to advise and navigate the court system, assist in securing a tax identification number and more. The Probate Attorney has also helped this Realtor as well. Hopefully, I can share a few tips that make the course a bit less rocky. My web site www.miketeer.com has a Probate Sales link.
Secure the property:
I have worked with "in town" and "out of town" Personal Representatives. Many of the properties are now vacant. Their loved one may have lived alone. The property needs to be maintained during the Probate process which may take several months. Working locks on all doors and secured windows are highly recommended. Vacant and unsecured homes are now more than ever being occupied by individuals looking for shelter. The potential for damage is heightened when this occurs, as well as, other concerns
Utilities are crucial:
Maintaining the property will also reduce the problems of Code Enforcement violations. Having gas, electric and water service is recommended. Hopefully, the property will have automatic sprinklers installed. Those without automatic sprinkler systems may require manual watering to avoid violations and problems with neighbors. Lighting and security systems will also discourage intruders.
Insurance:
Homes that are owned free and clear are often insured but not always. The Attorney for the Estate will likely cover this and more. A vacant home will attract vagrants and others. Insurance gives the Estate coverage for most damages that might occur during the Probate. Knowledge of the existing insurance policy is also recommended. Check for clauses related to long term vacancy. Be aware that vagrants and others who venture onto the property might get injured and/or cause other issues.
Property Management:
We can handle the Property Management and sale of the Real Estate from the time we are selected by the Attorney/Personal Representative/Court to close of escrow. Our Property Management services includes coordinating the selection of maintenance services (pool service, gardeners and others) to maintain the property. We work with the Attorney and Personal Representative to keep the property in good condition.
Personal Representative:
This positions is defined in great detail at www.miketeer.com and other Internet websites. The key contact for the Realtor should always be the Attorney for the Estate and the Personal Representative. I can recall one instance where there were several surviving males and the younger female family member was selected to manage the Estate by the decedent. Our office and the office of the Attorney for the Estate were bombarded with calls and visits from the male family members seeking to influence our efforts on behalf of the Estate. We experienced a few uncomfortable interchanges reminding them that the Realtor had no control over the distribution of the sale proceeds and that the sale would be confirmed by the Probate Court. We also had to explain that all instructions to the Realtor would come from the Attorney, Executor/Administrator or the Court. Finally, we made sure to communicate all contact by the other family members to the Attorney and Personal Representative.
Listing Broker:
Teer One Properties, Inc. is a member of the National, California and Pacific West Association of Realtors (www.pwr.net), as well as, a member of the California Regional Multiple Listing Service (CRMLS). We have worked with many Southern California Attorneys towards helping their clients market Real Estate. We are also able to coordinate Real Estate sales in other parts of California and the U.S.A. via our membership in the National and California Association of Realtors. We are very familiar with the Probate process and can work seamlessly with Probate Attorneys and their clients.
The Listing Broker will handle the Real Estate marketing including placement in the CRMLS and other Social Media for maximum exposure. Teer One Properties Real Estate will be the first point of contact by interested parties and/or other Brokers with offers to purchase the property. Those that the Attorney and Personal Representative believe to be representative of the best interest of the Estate are brought to Probate Court for court approval, overbids (better offers), rejection and, etc. We are prepared to select qualified service providers for escrow, title, termite clearance and other required tasks during the transaction. We have been highly praised for helping the clients of Probate Attorneys with all of the Real Estate related and many other tasks where our extensive Real Estate experience was useful.
Probate Court Approval:
The Real Estate Property Sale must receive court approval. The Realtor will join the Attorney and client(s) in court for presentation of the offer(s). The court will give us instructions based on the offer(s) and we will work with the Attorney, client(s) and Buyers agent/Buyers towards getting the sale successfully closed.
Other Miscellaneous Information:
Again, this is a thumb nail piece of information that I believe will help the Personal Representative and others when dealing with an Estate that has one or more pieces of Real Estate. Contacting a Probate Attorney is recommended for expert guidance. A Realtor with Probate Sales training and experience is definitely an asset as well. I believe that a "tune up" where updated information is provided regarding changes to the Probate process is very valuable. I have been doing Probate and Conservatorship transactions for over 30 years. I completed a Certified Probate Real Estate Specialist (CPRES) course and added to my knowledge of the process. By the way, the class was taught by Joe C. Ramos. The course presenters included Probate Attorney, Paralegals, Estate Planning and other professionals.
Further, the rules related to Probate Sales are available for all to read and follow but the experienced Probate Attorney is in the arena on a regular basis and will help avoid delays and other problems by giving proper notices, etc.
"For Tier One Service - Call Teer One Properties"
Michael Teer, Broker
Teer One Properties, Inc.
951-313-5168
ProbateSoCal@gmail.com
www.miketeer.com
Monday, July 15, 2013
Wednesday, July 3, 2013
Are we there yet?
Real Estate Education Training
Has the Housing Industry recovered?
Most parents are very familiar with this question which is often asked while driving long distance with their kids. We try to sound encouraging with comments like "it's just a little bit further, it's only a few more miles or we will stop for food or drinks real soon". We know that everyone is ready to get the trip done and get on with the fun at the end of the travel. It is also a very draining drive for the one behind the wheel with the very important task of watching traffic, attempting to sit in one spot for hours and keeping every one's spirits up while contemplating the estimated time left on the journey. Anxiety does not reduce the miles or shorten the journey.
Our housing industry has been the topic of discussion during many visits with family and friends. Their "are we there yet" questions are filled with anxiety about being underwater on their mortgages. They are also getting conflicting reports of doom, gloom and encouragement from multiple sources with intentions that may not be in the consumers best interest. Lenders looking to refinance and/or do reverse mortgages, agents seeking listings and third party aggregators working to corner the various markets to increase revenue from advertisers, etc.
Most of us in the industry have access to the better and more accurate indicators (Active Listings, Pending/Closed Sales, Expired Listings and more). I am always a bit irritated when I notice that my Listings which have been Sold and Closed for months are still showing as Active by these groups on their web sites. It is also a challenge when I receive a call from a serious buyer asking to see the "Active Listing" several weeks or months after closing. Some will argue that it must be available because they just saw it on this or that web site. I first have to reassure the buyer that I am not trying to keep them from seeing and making an offer. I then attempt to educate them on the California Regional Multiple Listing Service (CRMLS) systems multiple daily updates as opposed to the web site that they saw the "Active or Available" post. Some are battle weary from being in the trenches for months attempting to buy a home where the "low inventory" has forced them to tour scores of homes and make multiple offers without success. These folks are ready for hand to hand combat and some are moving towards depression when their "got to move soon" clock is ticking louder by the week.
I very carefully ask if they are working with a Realtor. Most are. The ones that are not working with a Realtor with CRMLS access are the ones that require the most patience. They have many reasons but a resounding one is that they "do not want to be locked down and called by an agent all the time" They would rather just check online with a web site of their choice and just call when they see something they like. I just love that one! I then will slowly build my understanding of their position and might even share a personal experience with calls from professionals in other industries where I thought it a bit over the top. I then share with them the benefits of working with a Realtor with access to CRMLS. I often recommend me. I tell the buyer how I am willing to work with their expressed housing requirements. I also tell them about the tools offered by a Realtor with CRMLS assess that allow the buyer to control the process. They love it! Telling them what a Realtor can accomplish with CRMLS sells itself.
What I believe is the most beneficial answer to the "are we there yet" and other industry questions is affording the consumer access to "timely and accurate information" Most are hearing or reading housing reports that are being regurgitated from folks outside the Realtor and/or CRMLS ranks. This data is seldom recent and could be inaccurate on close review. I also take the opportunity to use an old hunting comment of "you eat what you kill" I emphasize that I am a full time Realtor and only get paid at close of escrow. I do not receive referrals or a good reputation for service by providing inaccurate or misleading information to clients. I do not get paid by advertisers paying for access to my web site to increase their exposure to my client base.
Like my fellow Realtors, I will provide my clients with access to the timely and accurate information and allow them to determine if we are there yet.
Michael Teer, Broker
Certified Residential Specialist (CRS)
Teer One Properties, Inc.
(951) 313-5168 (Cell)
www.miketeer.com
ProbateSoCal@gmail.com
CalBRE#: 01523582/00843708
Has the Housing Industry recovered?
Most parents are very familiar with this question which is often asked while driving long distance with their kids. We try to sound encouraging with comments like "it's just a little bit further, it's only a few more miles or we will stop for food or drinks real soon". We know that everyone is ready to get the trip done and get on with the fun at the end of the travel. It is also a very draining drive for the one behind the wheel with the very important task of watching traffic, attempting to sit in one spot for hours and keeping every one's spirits up while contemplating the estimated time left on the journey. Anxiety does not reduce the miles or shorten the journey.
Our housing industry has been the topic of discussion during many visits with family and friends. Their "are we there yet" questions are filled with anxiety about being underwater on their mortgages. They are also getting conflicting reports of doom, gloom and encouragement from multiple sources with intentions that may not be in the consumers best interest. Lenders looking to refinance and/or do reverse mortgages, agents seeking listings and third party aggregators working to corner the various markets to increase revenue from advertisers, etc.
Most of us in the industry have access to the better and more accurate indicators (Active Listings, Pending/Closed Sales, Expired Listings and more). I am always a bit irritated when I notice that my Listings which have been Sold and Closed for months are still showing as Active by these groups on their web sites. It is also a challenge when I receive a call from a serious buyer asking to see the "Active Listing" several weeks or months after closing. Some will argue that it must be available because they just saw it on this or that web site. I first have to reassure the buyer that I am not trying to keep them from seeing and making an offer. I then attempt to educate them on the California Regional Multiple Listing Service (CRMLS) systems multiple daily updates as opposed to the web site that they saw the "Active or Available" post. Some are battle weary from being in the trenches for months attempting to buy a home where the "low inventory" has forced them to tour scores of homes and make multiple offers without success. These folks are ready for hand to hand combat and some are moving towards depression when their "got to move soon" clock is ticking louder by the week.
I very carefully ask if they are working with a Realtor. Most are. The ones that are not working with a Realtor with CRMLS access are the ones that require the most patience. They have many reasons but a resounding one is that they "do not want to be locked down and called by an agent all the time" They would rather just check online with a web site of their choice and just call when they see something they like. I just love that one! I then will slowly build my understanding of their position and might even share a personal experience with calls from professionals in other industries where I thought it a bit over the top. I then share with them the benefits of working with a Realtor with access to CRMLS. I often recommend me. I tell the buyer how I am willing to work with their expressed housing requirements. I also tell them about the tools offered by a Realtor with CRMLS assess that allow the buyer to control the process. They love it! Telling them what a Realtor can accomplish with CRMLS sells itself.
What I believe is the most beneficial answer to the "are we there yet" and other industry questions is affording the consumer access to "timely and accurate information" Most are hearing or reading housing reports that are being regurgitated from folks outside the Realtor and/or CRMLS ranks. This data is seldom recent and could be inaccurate on close review. I also take the opportunity to use an old hunting comment of "you eat what you kill" I emphasize that I am a full time Realtor and only get paid at close of escrow. I do not receive referrals or a good reputation for service by providing inaccurate or misleading information to clients. I do not get paid by advertisers paying for access to my web site to increase their exposure to my client base.
Like my fellow Realtors, I will provide my clients with access to the timely and accurate information and allow them to determine if we are there yet.
Michael Teer, Broker
Certified Residential Specialist (CRS)
Teer One Properties, Inc.
(951) 313-5168 (Cell)
www.miketeer.com
ProbateSoCal@gmail.com
CalBRE#: 01523582/00843708
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