probate

[Jesus Villarreal]

When working with a motivated seller who is the executor in a probate case does the sale of the home have to be approved by the attorney?

Also, I read online that the sale of the home must be 90% of the homes appraised value. If this is true, i cant see were the profits are. I want to buy the property and want to go in as prepared as possible.  I was also wondering ,  Should I wait until the probate process is done in order to try and make a deal?

[Rick H.]

All laws relating to real estate, including probate, are local. I can give you general answers but not specifics. That's your job to determine local statutes and even local rules of court, when they apply.

The attorney is NOT the last word concerning sale of a probate property. That's typically a judge, if it gets it gets that far.

In CA, the 90% statute exists, but only as to the exposure of a fiduciary who sells for less and compromises the interests of heirs, beneficiaries and/or creditors. A sole heir with full powers and few creditors is free to sell property for whatever they deem acceptable. 

As for buying and reselling, once title is transferred, you have no reason to wait for the estate to close in order to resell, absent some strategic reason such as a seller financed deal where waiting might benefit you by negotiating further discounts.