In California which is one of the strictest States to Buy or Sell a Probate home there are two ways to process. The Old School Court Confirmation way which we try to stay away from takes on average a month to petition for the sale, another two months to have the court place this sale on the court calendar then once confirmed the buyer has no contingencies. A very tough place to work as either an agent or an investor.
The other probate process is the which allows us to buy or sell the probate homes without all the probate court red tape, supervision or confirmation of sale. This I.A.E.A process is about as close as we can come to a regular sale. No posting Estate wants to Sell, no petitioning the court calendar for a confirmation of sale date, no 10% deposits and no 90% rule on the price you have to pay. It's really were you want to be on a probate and about 95% of the time we buy and sell in through the I.A.E.A.
NOTICE OF PROPOSED ACTION: There is a requirement by court that all heirs with an interest in the subject property are given proper notice of the sale and terms. They have a 15 day plus 5 day mail time-line to contest the sale and if so they sign the Notice of Proposed Action as contesting and the sale is stopped. Theyn a court action may be required if the reason for contesting can't be resolved. The point is even if you are a cash buyer and can close in 15 days you will need your normal time for escrow and due diligence plus the 15 days for the N.O.P.A. typically when we have to do the NOPA we write our Cash offers for 35 Days to allow enough time to do the NOPA and regular escrow due diligence.
WAIVER OF NOTICE OF PROPOSED ACTON: Now a way to prevent delays or to speed up the closing so you can close within 15 days or less is to arrange with the Administrator/Executor through the Estate Attorney for a Waiver of Notice of Proposed Action rather than the Notice. Each heir with interest in the subject Estate real estate can sign the Waiver accepting the Adm/Exec sale terms and we waive the 15 days.
So if you are in a probate sale which has Full Authority to Act under the I.A.E.A ask the PR/Adm/Exec) arrange for the Waiver (through instruction to the estate attorney) of the Notice of Proposed Action and you can close your Cash Sale quick. Hope this helps you!
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