Real Estate Education Training
THE CLOCK IS TICKING
Some agents are not focused on time lines outside those noted in the more familiar Residential Purchase Agreement (RPA-CA) and some agents are not familiar with the Probate Listing Agreement (PL) or Probate Purchase Agreements & Joint Escrow Instructions (PPA). I have received offers on the RPA-CA and have had to hunt down the buyer's agent to request that they prepare their buyer's offer on the Probate Purchase Agreement. I regret this situation because it means that I do not have a complete package for the Personal Representative to review for that buyer. I prefer to receive everything in a complete package with a pre approval letter, proof of funds and other items requested in the California Regional Multiple Listing Service (CRMLS) offering. Buyer's agents will want to know that their offer is time stamped to guarantee immediate review but this is not possible if the offer is incomplete.
I present offers with the above noted information when complete to the Personal Representative in the order that they are received. I also copy the Probate Attorney for their review, etc. The Personal Representative and Probate Attorney also prefer reviewing only those documents in compliance with the CRMLS offering and have been vetted by Teer One Properties for completeness.
Hopefully, the buyers agent's offer will be accepted and we are now moving forward. There are so many time lines and items to monitor with Probate offers. The key item that I want to mention at this point is the Probate Referee and the Lender's Appraisals. It is recommended that the buyer's agent and lender are familiar with Probates. Timely ordering and receipt of the lender required appraisal for the Buyer's loan is a must. A low lender appraisal may conflict with the Probate Referee's Appraisal.
Remember that all offers must be at least 90% of the Probate Referee's appraisal. A buyer securing an FHA, VA or other loan where an appraisal is required by the buyer's lender should be done BEFORE the Court Confirmation of the Sale or the buyer may lose their deposit for failure to perform. There are too many scenarios to note in this blog. Please contact me via email (ProbateSoCal@gmail.com) with questions and I will be happy to assist and/or help you find someone with the information you require.
My Certified Probate Real Estate Specialist (CPRES) instructor Joe C. Ramos repeatedly highlighted the need for the entire team being familiar with Probates. The Probate Attorney, Personal Representative, CPRES Probate trained Realtor, Lender and Escrow Officer must know the rules and time lines. I will offer more Probate Tips from time to time for those interested in buying or selling Probates. The more familiar everyone in the transaction is with the requirements the better.
Please visit my web site www.miketeer.com for additional information on Probate and other Real Estate information.
Michael Teer, Broker
Certified Residential Specialist
Teer One Properties, Inc.
(951) 313-5168
www.miketeer.comProbateSoCal@gmail.com
CalBRE#: 01523582/00843708
"For Tier 1 Service - Call Teer One Properties"
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