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.
We'll help
Contact the Kurniadi Group and speak to an agent with probate sales experience or an attorney who can answer questions pertaining to probate law.
This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego Multiple Listing Service, Inc. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego Multiple Listing Service, Inc.