Have a SFR in CA ARV 250 agreed to price 130k, problem is its a probate deal. The sole Daughter wants it done asap and its in LA courts. How do you avoid Attorney's taking 20% of net proceeds plus lawyer fees? one attorney was telling me 600 hr and it has to go to highest bid in court? Thoughts.
Interview several small sole practitioner attorneys in Riverside. Ask them to work by the hour, or be limited to the statutory limits of the total estate, whichever is less. The house passes to the sole heir, who can sell it upon completion of the probate, sometimes earlier. There is no need for a court auction, if done properly.
The most recent probate I did in Pomona, I paid an attorney in Upland $2500 on a $700,000 estate, and the house and cash passed to the heir, the decedent's mother in this case, without a court auction of any kind.
Thanks Dave, great advise
I see Dave is still talking about his Pomona court deal. Dave doesn't kniw that Pomona probate court has been closed for about 1-1/2 years. Judge Buckner is one of favorites LACSC judges but has been reassigned, of course.
I do not recommend using anyone but an LA County probate attorney lest you get "home-boyed" by probate examiner long before judge or commissioner sees file.
Nothing against the Riverside attorneys as I've been the featured speaker four separate occasions for the probate section and only non-attorney member of the group.
There is more to the law than trying to hire an attorney on the cheap. Probate fees are statutory. If PR has limited power, it's subject to publication and must be confirmed in open court. Even with full powers, notice of proposed action hoes to all interested parties and heirs at law and any hint of disagreement will result in necessity of court confirmation and strong possibility of overbid.
You're getting some erroneous advise here.
Thanks Rick, we do have the limited power filed now with publication req. I'm hoping to get it refiled as full power. This was a transfer case from San Bernardino to LA, so even more issues there. publication done in SB county, but now has to be done in LA. I did have someone form the probate club contact me so we'll see how much to share the deal, maybe for good expertise. Good learning experience overall.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.