“Hi Gary. I saw you quoted in the San Diego Union. Pretty cool. Question… What do you think about probate sales? I found one probate house appraised at 700K, but they’re asking 775K. Is it normal for probate properties to sell over their appraisal?”
Answer:
A probate sale of real estate can happen when someone passes on without a living trust and the estate owns real estate.
Probate appraisers (called “probate referees”) don’t go into properties they’re appraising for the court. Because they only drive by, it’s not unusual to find these appraisals well off the mark. In fact, I’ve seen them off by over 20%. Of course, many are accurate too.
So it is normal for the properties to sell for a lot more or less than the original court appraisal.
Find a San Diego home that isn’t officially “On The Market” or in the MLS.
