Probate and Estates Your options and definitions of real estate terms

My name is Norm Odeneal; as a licensed Realtor with two decades of experience and hundreds of sales, I’ve developed a comprehensive approach to helping families and close friends prepare your property for sale.

The five-step process that I’ve outlined below is designed to make selling real estate as easy and stress-free as possible while still allowing families the freedom to make the critical decisions for the estate.


Step 1: At our first meeting, I’ll meet with you and your family to discuss the critical components of preparing, listing, and selling your property. I’ll also provide a complete market analysis for your property, an estimated timeline, and transparent accounting of all the costs involved. During our time together, we’ll review the “Instant Cash Offer,” “Sold As-Is,” and “Renovate Now, Pay Later” options that are available to you.

Step 2: Within 24 hours of signing our agreement, We’ll begin the process of preparing your property for sale. This includes scheduling contractor estimates, managing access to the property, and providing you written proposals along with my suggestions and analysis.

Step 3: With repairs and preparations now in progress, I’ll l begin building the marketing campaign for your property. I’ll begin by placing a coming soon listing on all of the most popular and prosperous online real estate markets. Doing so will allow us to begin generating local interest in the property as repairs and preparations are being finalized. After preparations have been completed, I’ll schedule a seasoned real estate photographer to come and photograph the property with both a traditional digital camera and a 3D mapping camera that will create a virtual walk-through of the property (You can view a sample here: http://spws.homevisit.com/hvid/321417).

Step 4: Once your property is on the market, I’ll begin sending you weekly reports every Monday and calling you every Thursday to provide updates and answer any of your questions. Once I receive offers on the property, I will contact you immediately with the details and help you negotiate the best price and secure the best terms.

Step 5: After you accept the winning offer, our team will navigate you through the settlement process. We make the closing process both quick and easy. With our remote closing solution, you can sign virtually from the comfort of your own home, office, or even the beach!.


When you’re ready to talk, please feel free to call me at the number listed below. I will do my best to answer your questions and provide my every insight into both the current state of the market and your property’s potential.

Sincerely,

Norm
703-587-0945
book an appointment here


Probate and Trust Real Estate Glossary

Here are brief definitions of terms you may encounter if you are dealing with probate or trust real estate or inheritance property:

Beneficiary: A person who inherits when there is a Will.

Conservator: A person who has the court-appointed fiduciary responsibility for the care of another adult.

Conservatee: The person whose care is provided for under a conservatorship.

Conservatorship: A court proceeding wherein a judge appoints a responsible person (Conservator) to care for another person (Conservatee) who cannot care for him/her self or his/her finances.

Custodian of the Will: The person in possession of the Will when the person who wrote the Will dies.

Decedent: The person who died.

Executor: A person named in a Will and appointed by the Court to carry out the decedent’s wishes. This person is usually named as the seller of the real property.

Heir: A person who inherits.

Intestate: When someone dies without leaving a Will. When there is no Will, the sale of the decedent’s real property often requires court confirmation.

Intestate Succession: The order of who inherits the property when the decedent does not have a Will.

Legatees, or Devisees: People who are named in a Will.

Personal Representative (Administrator or Executor): The person responsible for overseeing the distribution of the estate.

Probate: The process of deciding where, how and to whom to distribute the decedent’s estate, such as the real property.

Probate Real Estate Sale: The transfer of legal title (ownership) of real property from the estate of the person who has died to his or her beneficiaries or to a buyer under the supervision of the Court.

Probate Referee: Before real property can be sold through probate, it must be appraised. This is done by a Probate Referee. In California, probate referees are appointed by the State Controller and assigned to a particular case by the court clerk. They are paid for this service directly by the estate, usually a percentage of the appraised value.

Real Property: The term used to refer to real estate (land and buildings) in probate and trust sales.

Testate: When someone dies leaving a Will.

Trust: When a person (Trustee) holds property at another person’s (Settlor’s) requests for the benefit of someone else (Beneficiary).

Will: A legal document that lists a person’s wishes about what will happen to his/her personal and real property after death.

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