As a Los Angeles probate real estate specialist, I have developed relationships with many probate and trust attorneys. The ones I work with on a regular basis are the cream of the crop. Now and again, I will sell a Los Angeles probate property with an attorney I have not yet worked with. We finally closed escrow on this Cypress Park probate. Here’s the back story:
This Cypress Park probate was in terrible condition. The previous occupant had allowed the property to deteriorate. There was so much trash and junk that the bill to the hauler was nearly $10,000.00. The home was a 1920s Craftsman. Unfortunately, a busy street and a location across from a school discouraged many preservationists.
We opened what was to be a ten-day escrow. Typically, escrow does not officially open until the buyer submits the deposit. Once escrow opened, the administrator was out of town. We were near the ten-day closing date when the administrator returned the necessary paperwork to escrow.
The title company requested proof that the Notice of Proposed Action was filed. This notice is required when selling probate real estate. The notice must be in writing. The estate sends the notice to all interested parties, including heirs, beneficiaries, and anyone requesting notice of the probate proceeding. The estate must mail the notice at least fifteen days before the close of escrow. If someone files an objection during those fifteen days, the court must approve the sale before escrow can proceed. However, if no one objects, escrow may close without a court order.
For whatever reason, this probate attorney neglected to file one. Therefore, we then had to wait fifteen days for the Cypress Park probate to close. Working with attorneys and Realtors who specialize in probate sales saves time and money.
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I was intrigued by your comment about the location playing negatively with preservationists. I never would have thought that location would be an issue. I just assumed it was always about the home itself. I am always learning from your posts. Thank you.