Independent Administration of Estates Act (IAEA)
The Independent Adminstration of Estates Act (IAEA) is a series of laws under the California Probate Code, which allows a designated, personal representative to administer a decedent's estate with limited or no court supervision. In this scenario, real property is sold in a similar manner as a traditional sale.
the other option...court confirmation required
When court involvement is required, the home-buying and home-selling procedures are significantly different than that of a traditional sale. In accordance with the California Probate Code, once an offer is received by a representative of the estate, a court date is set, at which time other interested buyers can overbid the initial offer at the courthouse. The date is usually within 4-6 weeks of the initial offer. In a declining market, this may unfavorably affect the value of the real property being sold, which would ultimately reduce the amount of proceeds realized through probate. The initial overbid is determined by the Probate Code and the following bid amounts are usually set by the judge, a procedure which may also adversely affect the value of the subject property being sold.
Contact the Kurniadi Group and speak to an agent with probate sales experience or an attorney who can answer questions pertaining to probate law. TrustEstate@theKurniadiGroup.com